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The CEO Of A Credit Union Allegedly Stole Millions Of Dollars From His Job And Spent $3.5 Million Of It On Lottery Tickets


CNBC- The CEO of New York state’s oldest credit union swindled his institution for years out of millions of dollars and blew a whopping $3.55 million on lottery tickets, federal prosecutors charged Tuesday. Kam Wong is accused of defrauding New York’s Municipal Credit Union out of approximately $6 million with a series of scams that included reimbursements for fake dental work and a previously covered long-term disability insurance policy.

Wong was charged Tuesday in Manhattan federal court with fraud, embezzlement and aggravated identity theft offenses, according to Geoffrey Berman, the United States Attorney for the Southern District of New York. Berman said Wong used the cash to, among other things, feed his apparent lottery habit, spending $3.55 million on the New York State lottery between July 2013 and January 2018.

During that same time frame, Wong allegedly received and deposited almost $6 million in hand-written checks from the credit union into his account.From that account, Wong allegedly wrote more than 278 checks, totaling about $3.9 million. He also is accused of writing checks totaling about $3 million to a convenience store in the Queens, New York, neighborhood of Elmont, and another $272,500 in checks to a convenience store located just a few blocks from his office. According to a criminal complaint, the convenience store owners said the checks were used to purchase New York State Lottery tickets, and that Wong would sometimes spend hours on weekends purchasing and playing lottery tickets at the Elmont location.

Is Kam Wong (allegedly) a thief, scam artist, and a scumbag? Some would say yes. But here is another word I would use for him. Hero. That’s right, Kam Wong is a hero to all of us commoners that get laughed at whenever we buy a lottery ticket instead of investing in things like “401K’s” and “college plans for our kids”. Whenever Mega Millions lines are out the door, I hear the members of the aristocracy snicker as they make their way to art exhibits and the opera while finance hardos call lottery tickets The Poor Tax.

But Kam Wong said fuck all that. He was smart (and/or shitty) enough to game the system for millions and he chose to use more than half the money he allegedly stole on lottery tickets. Who’s the idiot now? A million dollars isn’t cool to Cold Cash Killah Kam. You know what is cool? A BILLION dollars. And the only way to make a billion dollars quickly is through shrewd financial moves drug dealing crypto lottery tickets. Sure Kam probably got carpal tunnel from all the scratching, heart palpitations from constantly seeing 2 cherries followed by a lemon, and enough silver flakes in his penthouse to go to the moon and back 17 times (that’s an old Unwrapped stat for those that enjoy TV shows about fine cuisine). But that’s just the price of doing business. I need a full print out of all the scratch off games he played. Did he stick to the basics? Was he a savage and played thousands of games like BINGO or crossword puzzles? Did the expensive tickets hit more than the cheaper ones? Because even if they don’t, you will never feel more alive than you do after buying a $50+ scratch off ticket. And finally, I need to know just how much did he actually won by going full junkie.

Seriously though, fuck that guy. But also seriously, that must have been a hell of a ride. World Wide Wong lived that life but flew to close to the sun and his wings made of paper tickets singed up and likely landed him directly in jail. Do not pass Go, do not collect $200, do not spend a shitload of money on tickets that will end up as garbage on your night stand but you want to take them back to the bodega and scan them just to make sure.

P.S. If Big Cat ever joins that 7 figure sports media personality club, I think we know what his investment strategy will be. I call dibs on that blog too.