Ousted CEO pleads not guilty to fraud, embezzlement

Kam Wong, the former president and CEO of Municipal Credit Union in New York City, has pleaded not guilty to several criminal charges.

Wong pleaded not guilty to charges of embezzling from his former credit union, bank fraud, wire fraud and aggravated identity theft, according to a federal court document earlier this month. The allegations are tied to alleged sham expense reimbursements.

The document indicated that Wong remains free on bail.

Wong, 62, was first arrested in May and then terminated in June by the $2.9 billion-asset Municipal CU. From at least 2013 through January, Wong engaged in a “long-running multi-faceted scheme,” according to court documents.

Wong allegedly embezzled from and defrauded the credit union by submitting fake invoices for dental work never performed or paid by him. Wong also allegedly improperly withdrew approximately $1.9 million from ATMs on his credit union business card and spent about $3.6 million on New York state lottery tickets.