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Municipal Credit Union CEO Steals Millions; Blows Most Of It On Lottery Tickets

May 13, 2018

The president and CEO of New York's oldest credit union has been charged with fraud, embezzlement and aggravated identity theft. Kam Wong had been allegedly stealing from the credit union for years to fuel what looks like a lottery addiction.

Wong used a variety of scams, including things like reimbursement for fake dental work, to swindle nearly $6 million from his company. Between  July 2013 and January 2018, Wong blew a little over $3.5 million of the stolen cash on lottery tickets. He allegedly wrote checks totaling $3 million to a single convince store in Queens.

The convince store employees claim Wong used those checks to buy New York State Lottery tickets. They also said Wong would sometimes spend hours purchasing and playing the lottery at their location.