Lichtman said Wong was stunned and a little bit disoriented as anyone would be after being arrested by federal agents, but he was not shocked about the charges because he has been aware of the federal investigation since January 18. At that time, federal investigators questioned Wong about certain payments he received. Soon after that encounter, Wong hired Lichtman.

Federal prosecutors said Wong, 62, of Long Island's Valley Stream, allegedly stole millions of dollars from the state's oldest credit union through various fraudulent schemes from 2013 to 2018, and spent $3.5 million of the money he embezzled on New York lottery tickets, according to a federal investigation.

“I know that he is being smeared with regard to his gambling, if you can call it gambling,” Lichtman said. “But what he does in his personal life is really his business. The credit union under his leadership has had record profits and he has steered it through very difficult financial waters. Nobody complains about the huge profits and turnaround that Kam Wong led when he was in charge of the credit union. You don't hear of anyone complaining about that.”

Lichtman said his client continues to be on administrative leave. MCU's board of directors placed Wong on administrative leave in February after receiving a recommendation from a special committee that was overseeing an internal investigation prompted by the federal criminal investigation.

According to a criminal complaint based on the federal probe, Wong's alleged schemes included getting reimbursed for fake dental work, personal tax liabilities, millions in cash payments in lieu of a long-term disability insurance payments and millions more for taxes to cover those payments, fake car repair bills on one of his luxury cars leased for him by the credit union, educational, housing and living expenses for two relatives, annual cash advances, ATM withdrawals and cash payments in place of 320 sick days he never used that violated his contract.

“The cars, the long term disability insurance, all of those things were factored into his contract, but that's all I can really comment on,” Lichtman said.

The federal investigation noted that Wong's contract required the credit union to lease multiple high-end luxury cars for him, including a late-model Mercedes Benz, a Maserati Gran Turismo and most recently, a 2018 Ferrari California T.

Lichtman said he could not comment on the specific criminal allegations because he has not had the opportunity to review the government's evidence against his client. Lichtman is expected to gain access to the federal government's evidence after Wong is indicted.

Norman Kohn, who served as MCU's chief compliance officer, was named acting president/CEO.

In a prepared statement, Kohn said the charges against Wong are “deeply upsetting” and that MCU has been aware of the investigation and is cooperating with federal authorities.

He noted, however, that the credit union is not under investigation, and that MCU remains financially strong and committed to serving its members' needs.

MCU, which is well capitalized with a net worth of 7.74%, manages $2.8 billion in assets and serves 431,817 members.