U.S. District Court for the Southern District of New York (Photo: Rick Kopstein/ALM) U.S. District Court for the Southern District of New York (Photo: Rick Kopstein/ALM)

After hearing arguments in a packed New York courtroom Tuesday, U.S. District Court Judge John Koeltl arrived at what appeared to be a middle ground between the high-end sentence prosecutors sought and leniency from the defense attorney of Kam Wong who will spend the next five and half years in prison.

There is no word yet on when the former CEO of the Municipal Credit Union will begin his prison sentence for embezzling nearly $10 million from the New York City-based financial cooperative.

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