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In SDNY Guagliardo Admitted Embezzled MCU Gets 27 Months Dodges on Kam Wong

By Matthew Russell Lee, Patreon
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SDNY COURTHOUSE, July 23 – In October 2019 Joseph Guagliardo was arrested and presented on a six count complaint centered around stealing from the Municipal Credit Union, where he was a member of the Supervisory Committee.  

On January 10, 2020 Guagliardo showed up to plead guilty to reduced charges, a single count, embezzlement from from a credit union.

But it was allocution interruptus: when U.S. District Court for the Southern District of New York Judge Denise L. Cote asked if he had known it was wrong, he replied, Not at the time.

   Judge Cote said she could not accept a guilty plea like this. Guagliardo and his lawyer went into a side room and Judge Cote continued with a re-sentencing (with the defendant not in the room, and re-sentenced to 30 years) and a Fair Housing Act case.  

   Finally Guagliardo returned and his lawyer explained that he was saying it didn't know of the wider fraud at MCU, by then CEO Kam Wong. While one might ask, what was the purpose of the Supervisory Committee and about the applicability of the Sarbanes Oxley law, this changed story worked for Judge Cote.

  Guagliardo's guilty plea was accepted and his sentencing was scheduled for April 10 at 2:30 pm. But that was canceled by COVID-19; the July 23 sentencing listed an URL for participant but not, apparently, any call-in number for the press or public. Everything is a work in progress, in good faith. Later, this was announced: "Joseph Guagliardo, a/k/a “Joseph Gagliardo,” a former New York City Police Department (“NYPD”) officer and former member of the supervisory committee (the “Supervisory Committee”) of Municipal Credit Union (“MCU”), a non-profit financial institution, was sentenced today in Manhattan federal court to 27 months in prison for abusing his leadership position at MCU to embezzle more than $400,000.  Guagliardo previously pled guilty to defrauding a federally insured credit union."

  The case is US v. Guagliardo, 20-cr-23 (Cote).


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