The former CEO of New York’s oldest credit union pleaded guilty on Monday to charges he embezzled millions of dollars. Kam Wong, 62, ex-CEO of New York’s Municipal Credit Union, faces up to 30 years in prison. Wong also agreed to forfeit at least $9.9 million and to pay at least $9.9 million in restitution to the credit union.
Wong, the government alleges, embezzled the money to feed an expensive lottery habit: He spent more than $3.5 million on New York state lottery tickets between January 2013 and January 2018, allegedly spending hours on the weekends buying and playing lottery tickets at a convenience store in Elmont, New York, less than a mile from his home, according to the government.
Wong also fraudulently obtained reimbursement for hundreds of thousands of dollars of nonexistent dental work, fraudulently obtained millions of dollars of payments in lieu of purported long-term disability insurance, and used funds to purchase a Mercedes-Benz automobile, the government alleged.