Case Related To Larger Multi-Million Dollar Embezzlement At Municipal Credit Union
July 30, 2020
The ongoing saga that is the Municipal Credit Union crime story continues with the sentencing of a former NYPD officer for embezzlement. It’s tied into a criminal case that involved the theft of millions of dollars by the former credit union president.
Credit Union Times reports a Manhattan federal judge sentenced former New York City Police officer Joseph Guagliardo to 27 months in prison for conspiring to embezzle hundreds of thousands of dollars from New York’s oldest credit union.
Guagliardo, who served on Municipal Credit Union’s advisory board, was accused last October of diverting the funds to a private security company and a nonprofit organization that were both under his control. He has also admitted to supplying the credit union’s former CEO, Kam Wong, with illegal painkillers, and pleaded guilty to one count of embezzlement earlier this year.
The wrongdoing was related to a criminal corruption probe of MCU and Wong, who is currently serving a five-and-a-half-year sentence for defrauding MCU out of nearly $10 million. The investigation also led to the arrest of Sylvia Ash, a Brooklyn state Supreme Court judge charged with trying to cover up Wong’s crimes and then lying to authorities.
Ash, who has been suspended from the bench, has pleaded not guilty to the charges.
Guagliardo’s sentence, handed down by U.S. District Judge Denise Cote of the Southern District of New York, was in line with the prosecutor’s request that he serve time at the low end of the federal guidelines. His attorney, Joseph Arlia, had asked for a nonjail sentence, citing his client’s age and law enforcement background as reasons to keep him out of jail.
Read more about the Municipal Credit Union case.
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