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New York millionaire facing felony charges for suspected fraud

On Behalf of | May 12, 2018 | Felonies |

A man employed by Municipal Credit Union in New York since 1981 is now facing serious criminal charges. The situation has arisen from a federal investigation that apparently targeted five years’ worth of the man’s financial transactions. Facing felony charges, he has since been placed on administrative suspension from his position as CEO of the state’s largest credit union. 

Federal authorities claim the man stole millions by committing fraud between 2013 and 2018. They say one of multiple fraud schemes he perpetrated involved buying millions of dollars’ worth of lottery tickets. There are no laws restricting the number of lottery tickets one person may buy. However, federal agents claim the former CEO used embezzled funds to make his purchases.  

He is said to have borrowed money from various parties to supplement an apparent lottery ticket spending habit. Authorities also say the accused made more than $1 million in ATM withdrawals through fraudulent means. Additional allegations regarding long-term insurance disability fraud have added to the man’s need for a strong criminal defense.

Like any person facing felony charges in this state or any other, the former CEO is guaranteed the right to present as strong a defense as possible and is legally presumed innocent unless prosecutors are able to prove otherwise. Anyone in New York who becomes subject to a federal investigation may request immediate legal representation support even before an arrest has been made. The sooner an experienced attorney gets involved, the likelier it is that a defendant will be able to mitigate his or her circumstances. 

Source: CNBC, “New York’s Municipal Credit Union CEO blew more than $3.5 million on lottery tickets after swindling institution: Prosecutors“, Gillian Brassil, May 8, 2018


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