CEO, New York's Oldest Credit Union Faces Fraud Charges-Bought 3.5 mil in lottery tickets

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Kam Wong allegedly spent nearly $3.55 million on New York Lottery Tickets

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From at least 2013 to January 2018, Kam Wong engaged in a long-running scheme to obtain money that he wasn’t entitled to from the credit union for which he served as chief executive officer and president, according to the U.S. Attorney of the Southern District of New York Geoffrey S. Berman.

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Wong, 62, allegedly deposited the proceeds of his scheme into a credit account between July 2013 and January 2018. He then withdrew about $1.9 million over the course of more than 2,500 transactions, officials say, adding that from this account, he also spent about $3.55 million on New York State Lottery tickets.

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Wong allegedly took steps to conceal what he had done by submitting sham invoices for dental work never performed on him or paid by him and obtained reimbursement for hundreds of thousands of dollars of such nonexistent dental work

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According to authorities, Wong also allegedly obtained numerous other payments from the credit union under questionable circumstances, including millions of dollars in cash in lieu of a long-term disability insurance policy; reimbursement payments for repairs to a luxury vehicle the credit union leased to him; cash withdrawals from his business credit card to purportedly test out the ATMs; substantial educational, housing, and living expenses for acquaintances, whom the credit union hired at his direction to be interns; tens of thousands of dollars in annual cash advances, for which he provided no supporting documentation; and payments for 320 days of purportedly unused sick leave, in violation of is contract and the credit union’s policies.

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