court document files Source: Shutterstock.

Former Municipal Credit Union CEO Kam Wong got away with his $10 million fraud for years by managing New York’s oldest financial cooperative by forewarning employees to follow his demands without question or risk termination and to address him as Mr. Wong or risk public reprimand, according to newly filed court documents.

On Tuesday, federal prosecutors will ask U.S. District Court Judge John G. Koeltl in Manhattan to sentence Wong, 63, to at least six to 10 years in prison because his criminal activity was so extensive that MCU continues to work “to uncover and unwind the damage he wrought.” Just two weeks ago, the New York State Department of Financial Services took possession of the credit union that serves more than 580,000 members because of unsafe and unsound conditions. The NCUA was appointed the credit union’s conservator.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?

Peter Strozniak

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.