The disclosure by Federal prosecutors that former Municipal Credit Union CEO Kam Wong was in illegal possession of a “controlled substance” during a crime spree in which he embezzled several million dollars from the credit union has prompted several of its former board members to go back to court to challenge their dismissal by state regulators.
After Mr. Wong’s arrest by the FBI in May, the MCU’s board of directors at its June 19 meeting terminated him. He had been placed on paid leave three months earlier while the investigation was proceeding, and the credit union’s second-ranking official, Norman Kohn, was named as acting president/CEO.
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