WASHINGTON — NCUA has expanded its civil lawsuit alleging a massive fraud scheme at Jackson Area Federal Credit Union, adding a longtime employee as a defendant and alleging she received hundreds of thousands of dollars in cash, luxury goods and other benefits purchased with misappropriated credit union funds.
In an amended complaint filed June 15 in U.S. District Court by NCUA, Tina Funez, a longtime employee of the credit union, has been added as a defendant in the agency’s lawsuit against former CEO Leigh Bridges and her husband, Chad Bridges, according to the Clarion Ledger.
NCUA alleges Leigh Bridges orchestrated a scheme that diverted at least $91 million from the credit union through false accounting entries and unauthorized transactions. The CU Daily has details of the allegations and the alleged misuse of funds here.
According to the amended complaint, Bridges authorized Funez to use an American Express account that accumulated more than $508,000 in charges. Regulators said the spending included luxury jewelry, designer handbags and other personal purchases.
A Tesla, Watches, and Handbags
The lawsuit alleges Bridges also used credit union funds to purchase a 2023 Tesla Model Y for Funez, a Rolex watch and dozens of designer handbags. Investigators estimated that at least 30 handbags were provided, with each valued at approximately $2,000.
Regulators further allege Bridges paid for leisure travel involving Funez, including private flights, and used funds tied to the credit union to finance home renovations in Honduras.
The complaint states that Leigh and Chad Bridges transferred more than $487,000 from their personal accounts to Funez.
More Than $50 Million in False Entries Alleged
The amended filing expands on allegations previously made against the Bridges. According to the NCUA, Leigh Bridges caused false deposit entries to be made into share accounts held by herself and her husband.
The complaint alleges that an analysis of those accounts identified more than $51 million in false entries between 2015 and the present.
“Aggregating those transactions from the information for the share accounts of Leigh and Chad Bridges shows over $51 million dollars in false entries from the year 2015 until the present,” the complaint states, according to the Clarion Ledger. “Accordingly, Leigh Bridges misappropriated at least $51 million dollars in funds from JAFCU.”
Years of Systemic Fraud
As the CU Daily reported earlier, the lawsuit describes what regulators characterize as years of systematic fraud and extravagant personal spending. According to the complaint, expenditures allegedly included more than $14 million in payments to American Express, approximately $3.3 million spent at Brooks Collection, a luxury jewelry retailer, nearly $1 million in construction costs, and hundreds of thousands of dollars spent on luxury vehicles, pianos and high-end real estate.
In one example cited by regulators, Bridges allegedly forged wire-transfer documentation to disguise a $378,780 payment to Tiffany & Co. as a business expense.
Lavish Lifestyle Featured in Magazine
The Clarion Ledger reported that the allegations have drawn renewed attention to the Bridges’ lavish lifestyle. The newspaper noted that Mississippi Magazine previously featured the couple’s renovated French country-style home in Jackson’s Eastover neighborhood, including what the publication described as a “purse room” designed to display Leigh Bridges’ extensive handbag collection.
The NCUA alleges Leigh Bridges continued moving funds through accounts controlled by her husband after questions arose regarding credit union finances.
As the CU Daily reported here, Chad Bridges, who worked for the Mississippi Department of Insurance, was later placed on administrative leave in a separate matter, according to the filing.
Representatives for the defendants were not immediately available for comment, the Clarion Ledger reported.
The case remains pending in federal court.
