Home Banking NCUA bans ex-NYPD officer who embezzled from Municipal Credit Union

NCUA bans ex-NYPD officer who embezzled from Municipal Credit Union

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The National Credit Union Administration issued only one prohibition in February, barring a former member of the supervisory committee at Municipal Credit Union from working in the financial services sector.

Joseph Guagliardo, a former officer with the New York Police Department, was a member of the supervisory committee at Municipal from 1993 to until state regulators removed him from that position in 2018. He later admitted in federal court to embezzling more than $400,000 from the credit union between 2009 and 2018, and was sentenced in 2020 to more than two years in prison.

Guagliardo was also accused of funneling prescription drugs to Kam Wong, the credit union’s CEO at the time, some of which were obtained from doctors affiliated with the NYPD, according to the U.S. Attorney’s Office for the Southern District of New York. In addition to his prison time, Guagliardo was ordered to pay more than $400,000 in restitution to the credit union, along with a $10,000 fine.

Wong admitted in 2018 to having embezzled millions from the credit union and was later sentenced to five years in prison. Municipal was placed into conservatorship in 2019 and named a new CEO last year.

The NCUA, which releases prohibitions every month, made two such orders in January and a total of 34 in 2020.