The CEO of New York’s oldest credit union has been charged with embezzling millions from the institution.
Federal prosecutors say Municipal Credit Union CEO Kam Wong of Valley Stream embezzled millions from the credit union, and spent approximately $3.5 million on New York Lottery tickets.
Wong has pleaded not guilty to embezzlement, wire fraud, and bank fraud. He was released on $1 million bail.
He was placed on leave by the credit union in February.
Prosecutors say Wong submitted phony expenses for non-existent dental work and tax liabilities. They also say he withdrew almost $2 million from ATMs that he was “testing.”
Wong faces 30 years in prison on each of the charges.