Chad Bridges, who was named alongside his wife, former Jackson Area Federal Credit Union President/CEO Leigh Bridges, in a $95 million NCUA fraud lawsuit, has been placed on administrative leave from his position as director of financial and market regulation at Mississippi's Insurance Department.
Leigh Bridges had been suspended with pay after she admitted in April in a meeting with board members and NCUA examiners that she had been transferring funds from Jackson Area's general ledger to her share accounts. She used the credit union's money to buy expensive jewelry, handbags, luxury cars, fine art and a Steinway piano, racking up more than $15 million in credit card payments. Bridges concealed the alleged fraud with false deposit entries into her share accounts and the share accounts belonging to her husband.
"Due to issues not related to the Mississippi Insurance Department (MID), Chad Bridges has been placed on administrative leave pending further investigation," a spokesperson said Monday.
Bridges joined MID in 2004.
Leigh Bridges allegedly concealed the fact that funds were missing from Jackson Area by overstating the amounts listed as on deposit with, or pending from, Corporate America Credit Union ($5.6 billion, Irondale, Ala.).
"Aggregating those transactions from the information for their share accounts of Leigh and Chad Bridges shows over $51 million in false entries from the year 2015 to the present," the NCUA alleged.
In 2024, NCUA examiners spoke with Leigh Bridges concerning the high volume of funds going through her credit union accounts. After that conversation, Bridges closed her share accounts, according to court documents.
But after closing her share accounts, Bridges began to run large volumes of funds through her husband's share accounts. From May 2019 to May 2026, Bridges transferred $13.8 million in funds from the Jackson Area general ledger to her husband's share accounts.
The couple also used the credit union funds for payments to a construction company, interior designer, pool installer and a property maintenance services company.
In addition to a remodeled home in one of Jackson's affluent neighborhoods valued at approximately $640,000, the Bridges own three other properties: a condo at Perdido Beach Boulevard in Orange Beach, Ala., worth more than $1.1 million; a rural house on the Great Southern Road in Hazelhurst, Miss., valued at $158,300; and a house on Eastbrook Street in Jackson valued at $369,200.
These properties are estimated to be worth more than $2.3 million, according to the NCUA.
When the NCUA filed its lawsuit on May 14, U.S. District Court Judge Daniel P. Jordan in Jackson granted the federal agency a temporary restraining order (TRO) that froze at least 13 different financial accounts held by the former CEO and her husband. The TRO also prevents the transfer of four properties the couple purchased in Mississippi and Alabama, four vehicles (two Tesla Model Ys and two Mercedes-Benz vehicles), artwork, jewelry, handbags, clothing and cash value life insurance policies.
The federal agency conserved the credit union on May 6 because of its unsafe and unsound practices.
The TRO is in force until the federal court decides on the NCUA's motion for a preliminary injunction that would safeguard the funds, assets and properties pending the outcome of the civil lawsuit.
Chad Bridges did not respond to phone and email requests for comment.
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.