NY credit union chief accused of embezzling money from fund, spending $3.55M on lottery tickets

Comment #24

noise-gate — Thu, 10 May 2018 18:20:04 GMT

No offense G5- but l love being educated educating my fellow citizens. Just remember,when folks talk about Triads - you heard it here first.

Comment #23

GiveFive — Thu, 10 May 2018 11:15:59 GMT

Never heard of The Chinese Triad much less the 2014 Hong Kong protests.... but I'm definitely the kind of guy that supposes anything is possible. That's the biggest reason why I play the lottery. G5

Comment #22

Dd2160 — Thu, 10 May 2018 08:42:24 GMT

Intersting..

Comment #21

noise-gate — Thu, 10 May 2018 01:54:19 GMT

The more l think about this situation G5, the more l am of the mind that Wong may have owed serious money to the Chinese Triad. Those guys are ruthless, dealing in fraud, extortion, money laundering etc etc.Buying $3 million dollars worth of lottery tickets just doesn't fly.. with me.

l found this rather surprising, that during the 2014 Hong Kong protests, two triad gangs (reportedly Sun Yee On and Wo Shing Wo) were used to help restore order.

Comment #20

GiveFive — Thu, 10 May 2018 00:51:38 GMT

I think he's going down too. That said, to me it's more of a question as to what kind of plea deal can his lawyer negotiate with the prosecutor. He'll probably plead guilty in exchange for a lighter sentence. I doubt Wong will risk going to trial. But if he doesn't accept a plea deal, goes to trial and is found guilty, then the prosecution will probably recommend to the judge a maximum prison sentence. G5

Comment #19

paymentplan-man — Thu, 10 May 2018 00:02:03 GMT

I see what you did there

Comment #18

ohiopick3 — Wed, 09 May 2018 23:48:05 GMT

I wonder if Mr. Wong knew he was doing something Wrong

Comment #17

EdG1955 — Wed, 09 May 2018 21:43:08 GMT

They don't mention how much he won on the lottery. Did his $3.55 million investment of credit union funds pay off with record profits

Comment #16

Dd2160 — Wed, 09 May 2018 20:18:58 GMT

Just another mofo that got caught with his hands and feet in the cookie jar.

People steal ever day of the year the smart ones are ghost, the dummyA$$ an my rude-mouth

granddaughter would say...get caught..JSMFH

Comment #15

Dd2160 — Wed, 09 May 2018 20:08:16 GMT

Wow that news

my accounts kept getting hack

mofos was stealing

i believe ..i dont know jack but my believe system.

thieving so and so A$$

Lock his dumb a$$ up

Comment #14

noise-gate — Wed, 09 May 2018 19:30:39 GMT

G5- Wong s attorney, in not too many words is saying that the Feds have it all wrong, they are on a hunting expedition.l think not.These are serious charges of corruption, that involves other people s money investments. I think they are going to stick. Wong is going down.

Comment #13

Mommysb — Wed, 09 May 2018 16:21:58 GMT

Oh i totally agree if he did crime go do the time ! Hope it's a forever sentence . But he will say his addiction to gambling put him in this position , he needs help etc etc . The cry bag way put

Comment #12

wander73 — Wed, 09 May 2018 14:18:48 GMT

This sounds similiar to when I worked armored car back in early 2000's. Someone from another armored car company back in the 90's I think if I recalled bought a new lavished vehicle, and used the funds from the federal reserve to do it. The person stole $39 million and fled to Mexico before being caught.

It's not worth it at all. I have credit union and the one I have is awesome. The employees are friendly. The banks are bandits.

Comment #11

Raven62 — Wed, 09 May 2018 13:37:52 GMT

If you're going to steal, steal big and hope you get away with it.

Comment #10

Bleudog101 — Wed, 09 May 2018 13:27:18 GMT

White collar criminal=Federal country club for his sentence if proven guilty.

Too bad he couldn't spend his possible sentence in Riker's Island!

Irony of the story, if he did spend millions on the lottery he sure has nothing to show for it

Comment #9

GiveFive — Wed, 09 May 2018 12:49:27 GMT

While I wont rush to judgement - I'm willing to let the Justice system take it's course (Wong has his rights, and he's currently innocent until he's been proven guilty in a court of law) I don't care if it's a bank, or a Credit Union, a thief's a thief. If he's eventually found guilty, then he'll have to face the consequences of his actions. I just hope the consequences of his actions are commensurate with the crime he has allegedly committed. In other words - If he's found guilty, I hope he doe... [ More ]

Comment #8

Mommysb — Wed, 09 May 2018 10:56:13 GMT

It's an official bank along with being a credit union for municipal workers .

Comment #7

Mommysb — Wed, 09 May 2018 10:55:33 GMT

And of course that's my bank in Staten Island ! And of course I've been a member for decades . Throw away the key

Comment #6

DELotteryPlyr — Wed, 09 May 2018 10:21:34 GMT

Kam Wong has added tremendous value to the credit union and under his stewardship, there have been record profits,

Its a Credit Union !! Not a bank, it is NOT suppose to make HUGE profits, it is suppose to SAVE the members money by having lower cost loans accounts.

They should be forced to sell this FAKE CU to a real one in the area, and fire all the board members - FOOLS.

Comment #5

js1237 — Wed, 09 May 2018 06:40:38 GMT

I agree, let him rot in jail for stealing the Municipal Credit Union Members hard earned funds.

Comment #4

music* — Wed, 09 May 2018 03:15:32 GMT

The wheels of Justice grind slowly. Be prepared for a lengthy trial.

His Lawyer is doing what most defense lawyers do. Now it is up to the District Attorney to fight for the public in court.

Comment #3

noise-gate — Wed, 09 May 2018 01:52:18 GMT

Jeffrey Lichtman says Any actions he committed were done transparently and openly, with full consent of the credit union's board. Really?

So submitting bogus invoices for dental work and other expenses, purchasing some $3.55 million in New York State lottery tickets, was done transparently and with the consent of the credit union's board? Who are these members that gave Wong the green light to raid the Union funds? Jeff had better name names, other than Wong's.

Comment #2

itpmguru — Wed, 09 May 2018 01:26:47 GMT

Lock the BASTRD up and throw away the key! If you cannot explain where you obtained large amounts of fundage from while you are CEO of ANY banking org, then you should not be running said banking institution. I can tell ya one thing, the banks CAN, WILL and DO track everything done.

In his case, he just got caught and should pay the price......PERIOD! Sick and tired of crooked CEO's in ANY industry that exploit their prestigious position of power.

MAYBE, he was just borrowing the fun... [ More ]

Comment #1

MsDiamond600 — Wed, 09 May 2018 01:10:11 GMT

Wow

NY credit union chief accused of embezzling money from fund, spending $3.55M on lottery tickets

Lottery Post — Wed, 09 May 2018 01:06:02 GMT

The head of the city's oldest credit union embezzled money from the fund for years splurging on millions worth of lottery tickets by submitting bogus invoices for dental work and other expenses, federal prosecutors said Tuesday.

Kam Wong, 62, from Valley Stream, L.I., who heads the Municipal Credit Union, allegedly used the ill-gotten gains to purchase some $3.55 million in New York State lottery tickets, according to Manhattan U.S. Attorney Geoffrey Berman.

He also obtained numerous other... [ More ]