CEO who plundered massive city credit union pleads for mercy [View all]
Source: Crain's New York Business
Federal prosecutors want former Municipal Credit Union Chief Executive Kam Wong to serve up to a decade in prison—roughly a year for every million dollars he admitted to stealing from his institution.
"It is difficult to overstate the damage that the defendant caused—damage so severe that the credit union was recently placed into receivership," the prosecutors wrote in a May 20 sentencing memo.
State regulators seized Municipal Credit Union, the city's largest credit union, on May 17 and handed control to the National Credit Union Administration. The plundered institution has some 588,000 members, many of them public-sector employees.
Wong's attorneys seek leniency for their 63-year-old client. They describe the fallen executive as "a walking testament to human frailty and the dangers of unchecked addiction" in their own memo to U.S. District Judge John Koeltl, who is to sentence Wong June 4. They attributed his crimes to a gambling addiction.
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