The CEO of New York state's oldest credit union swindled his institution for years out of millions of dollars and blew a whopping $3.55 million on lottery tickets, federal prosecutors charged Tuesday.
Kam Wong is accused of defrauding New York's Municipal Credit Union out of approximately $6 million with a series of scams that included reimbursements for fake dental work and a previously covered long-term disability insurance policy.
Wong was charged Tuesday in Manhattan federal court with fraud, embezzlement and aggravated identity theft offenses, according to Geoffrey Berman, the United States Attorney for the Southern District of New York.
Berman said Wong used the cash to, among other things, feed his apparent lottery habit, spending $3.55 million on the New York State lottery between July 2013 and January 2018.
During that same time frame, Wong allegedly received and deposited almost $6 million in hand-written checks from the credit union into his account.