Jeffrey Lichtman, a high-profile criminal defense attorney who is representing Municipal Credit Union President/CEO Kam Wong, said Wednesday that the payments his client received were transparent and open with the board of directors.
Federal prosecutors alleged in a criminal complaint that Wong used various fraudulent schemes to get millions in cash payments from New York's largest credit union, by members. Wong was charged with fraud, embezzlement and aggravated identify theft in Manhattan's federal court following his arrest on Tuesday.
After posting bail, Wong was released. A grand jury is expected to hand down an indictment in about 30 days, after which the credit union executive will be formally arraigned on the felony charges and may enter a plea.
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