Credit Union CEO Charged With Stealing $3.5 Million to Gamble

This story was published more than 2 years ago.

This week a CEO of a credit union was charged by the U.S. Department of Justice with fraud, wire fraud, identity theft, and embezzlement after he was accused of stealing $3.5 million in order to buy lottery tickets.

Kam Wong was charged by the U.S. Attorney for the Southern District of New York with the crimes. He is accused of scamming the credit union he oversaw for various expenses that were never used by him. He also took cash from the credit union in lieu of a disability insurance payment as well as money to cover taxes on those disability payments.

Wong reportedly spent $3.5 million of his stolen money on lottery tickets over a five year period. The disgraced executive bought the majority of the tickets were purchased at two locations, where he would spend hours at a time testing his luck.

An investigation into Wong's finances began in January of this year, and he was placed on leave after being found to provide misleading statements to investigators. If found guilty, he faces 30 years in prison for the fraud and embezzlement charges, while the identity theft charge has a two year sentence.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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bgsharpe
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11 May 2018 - 12:17pm
#1

An interesting story really, I guess that guy would of almost owing an equal amount of money from his fraud activities to a Jackpot win...so a bit pointless for me but he'll pay for that with what seems to be a really long time in prison.

krcoolsongss
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14 May 2018 - 4:56pm
#2

Wow, 30 years in full???

Wow, here in Korea, the same criminal will get 5~7 years. And, if the criminal lobby the judges, even the probation is achievable.

And bigger crimes like the organized theft of corporate funds (some hundred of millions $$$) mostly get 10 years or so, and if they have a good family grounds and connections, it will be even less.

South Korea is a very good country for any kind of corporate crimes 😀

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bgsharpe
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15 May 2018 - 6:29pm
#3
coolsongss wrote:

South Korea is a very good country for any kind of corporate crimes 😀

Ha-ha, what a conclusion 👍

Yeah I guess the law is quite different across the world and in some countries a steal from that size is almost equal to a murder in court, if you ask me the sentence length should be shorter than 30 years but not a 3-4 years in prison either when it's about millions that have been stolen in a long period of time.