NCUA bans MCU CEO accused of stealing millions
The MCU board begins a “termination process” against Kam Wong.
The NCUA board took an unusual action Thursday to ban CEO Kam Wong — accused of stealing millions — from participating in the affairs of any federally insured financial institution so that he would no longer pose a threat to the interests of Municipal Credit Union members and impair public confidence in one of New York’s largest credit unions.
What’s more, the board of directors of the $2.8 billion MCU voted Wednesday to begin termination proceedings against Wong based on the findings of an ongoing internal investigation led by the credit union’s outside counsel.
Although a criminal complaint was filed in Manhattan’s federal court on May 8 against the 62-year-old Wong with allegations that he stole millions from MCU over five years, he has not been yet been indicted and formally arraigned on felony charges.
Typically, the NCUA places former credit union employees on its prohibition list after they have been convicted of theft, embezzlement or other fraud crimes.
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