This story was published more than 3 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.