Accused CEO ordered to undergo mental health evaluation
MCU members react to the criminal accusations against Kam Wong, who is free after posting a $1 million bond.
On May 4, more than 800 members attended the 102nd annual meeting of Municipal Credit Union in New York City, where they were told their president/CEO Kam Wong was on leave.
Just four days later, on May 8, members found out why Wong was on leave. Many of them were shocked, stunned, sad, angry, disappointed and disgusted that the top executive they had trusted for years was arrested and charged with fraud, embezzlement and aggravated identify theft in Manhattan’s federal court, just a mile from the MCU headquarters building where Wong worked since the 1980s.
He is free after posting a $1 million bond that was secured by his home on Long Island’s Valley Stream. Wong was also ordered to wear an electronic monitoring device and undergo a mental health evaluation and treatment, according to court documents filed in U.S. District Court in Manhattan.
His conditions of release also require Wong to not have any contact with MCU employees or board members, and to refrain from “possessing the identification of others.”
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