Dominos falling. Bodies piling up. Shoes dropping. Such describes what happened in federal court yesterday when the National Credit Union Administration sued former Jackson Area Federal Credit Union Branch Manager Tina Funez for her role in (allegedly) helping her friend, former credit union president Leigh Bridges embezzle nearly $95 million.
Leigh Bridges worked at the credit union for nearly thirty years, serving as CFO and President. A compliance officer at the Corporate America Credit Union discovered irregularities. The National Federal Credit Union Administration investigated and placed the Jackson credit union into receivership after it discovered a $95 million discrepancy between reported and actual assets. As it later turned out, Bridges allegedly kept two sets of books.
The Administration sued Bridges and her husband Chad in U.S. District Court for various counts of fraud last month. The complaint alleges the couple used the embezzled funds to purchase luxury homes, expensive jewelry, luxury cars, and even a Steinway piano. Living high on the hog indeed. Earlier post with complaint and list of goodies.
So extravagant was their lifestyle it was featured in Mississippi Magazine two years ago. Mississippi Magazine article. Such mighty fine living for a woman who made $193,759 a year while her husband made $86,633.
Ironically, Chad Bridges is the Director of Financial and Market Regulation at the Mississippi Insurance Department. He was placed on administrative leave Friday.
The case is assigned to U.S. District Judge Daniel P. Jordan, III. Attorney Alysson Mills represents the plaintiffs. John Collette represents the Bridgeses.
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| Leigh and Chad Bridges |
6. The first concern raised by CACU to NCUA was in June, 2024. NCUA requested CACU to confirm the name of the beneficiary on JAFCU wire transfer records. CACU records indicate that JAFCU’s President/CEO Leigh James Bridges (“Bridges”) originated a wire transfer for $378,780 to Tiffany & Co. on April 29, 2024. The JAFCU records that were provided by NCUA to CACU showed that Raymond James was the beneficiary, with the address of the beneficiary listed as Raymond James’s address. This was inconsistent with CACU’s records. CACU system information confirms that “Tiffany & Company US Sales LLC” was the named beneficiary on the payment order for the wire transfer.
The spending worsened Leigh spent $16,213,355 on American Express and Apple Card expenses from January 2025 to March 2026. The affidavit shows the embezzling went all the way back to 2019. CACU notified the Board. However, Howle cautioned CACU has not conducted "an exhaustive investigation."
The affidavit provides no less than six pages of transactions.
6. After being informed of these irregularities, members of the board of directors and supervisory committee reviewed statements provided by JAFCU to the NCUA and compared those to statements obtained directly from CACU. When reviewed, there were many inconsistencies between the two statements. These inconsistencies prompted Chairman Anderson to set up a meeting with Bridges regarding the conflicting financial statements.
Shades of Express Grain (when the President doctored the Horne audited financial statements and submitted them to MDAC).
Hill, Board President John Anderson, and two examiners confronted Leigh Bridges on April 17. Anderson told Bridges she was suspended with pay while an examiner followed up with the news there was a $95 million shortfall.
Once the examiner showed the two different financial statements to Bridges, the credit union president admitted "she was responsible for the inconsistencies."
Examiner Damien Baylor's Affidavit
This quote says it all:
7. She was provided copies of the two versions of the statements. Upon review, she initially stated that she was unaware of what might have caused the problem. She was also asked if other employees at the credit union would have access to create fictitious records like we had discovered and she said, "No."
8. After a significant pause in the conversation, Bridges began to give a more truthful explanation of what had in fact occurred. Bridges admitted that for roughly the last six years she "has been transferring funds from the JAFCU general ledger to her personal accounts so that she would have adequate funds to make extensive personal purchases.9. Following her admission of misappropriating funds from JAFCU, she offered to make the credit union whole by paying back the funds she had fraudulently taken. She asserted that the amount missing was less than $94 million and that she had enough material assets to sell and pay it all back.
Ethan Myer Affidavit
Myer is a Problem Case Officer at the National Credit Union Administration. He simply stated:
8. Based on this initial estimate, I believe that the above altered CACU statements overstated JAFCU’s cash and investments by at least $95,792,530. NCUA staff arrived at this estimate by comparing the above-mentioned altered September 30, 2025 CACU statement to the statement provided directly from CACU. ... NCUA staff further compared JAFCU’s stated financial condition on its March 31, 2026 general ledger trial balance2 with the same above statements provided directly from CACU. On March 31, 2026, JAFCU’s trial balance reported $112,475,510 in cash and investments with CACU, but the above CACU’s statements for JAFCU showed only $2,958,933 in cash and investments.
The affidavit states NCUA issued a $110 million line of credit to Jackson Area Federal Credit Union. The evidence continued to roll in, damning Leigh Bridges. The Problem Case Officer stated:
14. On May 4, 2026 and May 6, 2026, I observed that several boxes were delivered to JAFCU. The boxes bore a shipping label with the intended delivery to the name “Leigh Bridges” at CU Address. Upon information and belief, I understand that these boxes were intended to be delivered to Leigh Bridges at JAFCU’s place of business. I observed the contents of the above boxes, some items the following businesses: (1) Bottega Veneta; (2) Chloe; (3) Dior; and (4) Tiffany & Co. Upon information and belief, I know these items to be luxury goods brands.
Wow.
Bruce Hegyi, Esq. Affidavit
Hegyi is an attorney retained to investigate the embezzlement. His affidavit states he interviewed Funez on May 15.
Funez said she met Leigh at a fan club even in Los Angeles in the early 2000's. They became friends, "almost like sisters" as the branch manager put it. She eventually moved to Mississippi upon invitation by Leigh and Chad. Little did she know she was moving into the Mississippi mudpie.
The branch manager lived on a cottage at the Eastbrooke home, paying the Bridges $500 a month in rent. Funez admitted she went on vacations in private jets with Leigh Bridges, all paid for by her boss and friend.
Leigh apparently gave Funez an American Express card linked to Leigh's American Express account ten years ago and authorized her to use it. Leigh Bridges paid off all charges.
Funez charged $137,925 in 2025, $146,758 in 2024, $86,518 in 2023, and $84,947 in 2022 for a grand total of $456,150.
Leigh Bridges allegedly helped Funez buy her grandmother's home in Utila Honduras for $190,000. Utila is a small island next to Roatan. Leigh provided her with another $152,000 for renovations.
Kingfish note: The couple's combined income was $280,392 per year. That wasn't good enough? What is interesting is Leigh Bridges had to have known her transactions were being scrutinized after 2024 yet more spending took place as well as a magazine spread?
The documents posted below include a list of purchases and transactions.
67 comments:
Mississippi is embezzlement central. The "Bible belt" label isn't working.
Does anyone know these people? It is the first time I have heard of the credit union too. Wow what a story ! Thanks KF
It appears anything goes in Mississippi, some are so gullible! I lived in a very nice neighborhood in OakGrove (Hattiesburg) my contractor neighbor would say, “ I went to USM with these people! I know what these people do, how can they afford these luxuries”? Inquiring minds do need to know in Mississippi.
Lived in Eastover most of my life and I have never heard of them. Never heard of credit union either. This is just a bizarre story.
This is the tip of the iceberg in MS.
Why prosecute? Give it to Lynn Fitch. Mississippians love to live high on the hog with other people’s money. At least the credit union money was not for the poor. Being a private business, they will be prosecuted because that is what normal people who are robbed do. Just another day in Mississippi.
She wasn’t the only one running two sets of books. Just wait for the investigation to go deeper.
Has the term "lavender marriage" popped up yet? Also, Funez is a woman they met in Cali, she moved from Cali to MS to live in a cottage at their house? I may have been born at night, but come on now, something isn't right.
I hope the Insurance Department is auditing its books and accounts. Chad might've been a busy boy there, too. It will be Shad vs. Chad.
What branch did this thief work at ? I am a member of JAFCU ..........WON'T be much longer and I have to wonder just what other ways are these employees stealing from me. A dollar a day....scheme ?
Now the question. Was all that luxury worth it for the rest of your life?
Bottom line is if you are on a board overseeing a business or non profit check the books yourself don't take them at face value that they are correct. I was a board member at a church where the bookeeper stole a ton of money. Only found out when Entergy was shutting off the lights for non payment. We linve in a society where people love money and themselves
I am with KF. Making almost $300k was clearly not enough to buy all the jewelry she desperately needs. And a PJ. Gotta' have one of those to be able to get by in Mississippi.
Was Chad ever in charge of any grant funds at DOI? Did he look the other way if Fraud was reported and he got the appropriate kick backs to pretend there was none?
I highly doubt he was suddenly a boy scout at his own place of work since he was so clearly ok with the racket he and Wife had at the CU.
Whats with all the gifts to Tina? Were they having a 3-some?
This should be a future episode of "American Greed"!
This embezzlement & other recent misdeeds all point to the governing board, state & Federal authorities, & employees failing to do their oversight. It’s time to hold these individuals responsible for the losses.
Auditors at these organizations work for and report to the Board of Directors, not the CEO.
So, were the three and half mil in purses yet another one of their "group activities" or...
eat the (fake) rich !
Bet even Lamar is laughing at how stupid this lady was. She and husband will never free again once Feds come calling.
While living without money is far from great, it is much better than living with actionable envy of the rich. Sad story.
At least their private jet wasn't an "FBI jet."
Shouldn't the Board of Directors be liable in some capacity?
Non profits seem to be a criminals dream playground.
Hard to believe that a Credit Union isn't required to have its books audited annually. @9:16 AM, no one should EVER serve on the board of a non-profit whose books are subject to annual audits. The HOA of a Madison subdivision where I used to live claimed for several years that their books were audited every year. I looked into it and visited the CPA firm. When they showed me the "audit report", it turned out to be a review, not an audit. The CPA even stated on the first page of the report that "this is NOT an audit". In other words there was no investigation into whether monies spent actually went to the recipient claimed by the HOA.
The picture of the Bridges above, all smiling and happy, reminds me of a line in a John Prine song…”Happy sailors, dancing on a sinking ship.”
They caught her stealing $378,000 (Tiffany's) in June, 2024, and she is "allowed" to steal another $16.2 MILLION in 2025 and 20-26? Someone should be fired or imprisoned for that BS.
Something was very wrong to allow this to happen. No checks and balances in place?
What federal money laundering charges doing?
Need many more folks getting serious federal time in PMITA federal prisons for their white collar crimes like this.
No more club fed vacations for the guilty thieves like these.
One thing is certain here. There will be no clawbacks. Just lots and lots of "contributed to the success of". get ready banks
If we don't see mugshots did it even happen?
I'm suprised no indictment. Is this a tactic where they will initiate the civil suit and follow with an indictment depending on defendants' ability to pay??
You nailed it. Basically, all of Mississippi's "government" is a non-profit.....and yes, it is a criminal's playground from Tate Reeves down through ever Mayor, Community College president, School Superintendent, etc. etc. Billions lost everyday, and not one leader will speak about it....they of course slapped Shad White back quick in to their lane when he came on the scene with his chest all puffed out.
Oh they was definitely fukkin
Was Bridges making it rain on any of the other credit union employees?
How about the board of directors? Junkets for 'training' and etc? Paris Airshow style chit?
Record Breaking Fraud?
It looks like the JAFCU fraud is in the running for the largest American credit union loss due to fraudulent activities in history!
#1 largest total loss ever being 2010- St Paul Croation Federal Credit Union in Eastlake Ohio.
Scheme there was CEO made fraudulent loans in exchange for kickbacks and bribes. Total losses $170 million but only $72.5 million attributed to the criminal fraud schemes.
So JAFCU could be #1 in losses due to criminal fraudulent activity by insiders.
Details of St Paul's failure; more than 25 federal criminal convictions. https://www.justice.gov/usao-ndoh/pr/avon-lake-man-sentenced-25-years-prison-fraud-contributed-collapse-credit-union
@June 16, 2026 at 8:17 AM Tell us more...
The feds their time.
They make sure to properly investigate and understand the transactions and the players with tools like interviews, search warrants and followups BEFORE having press conferences to announce their indictments.
They understand the statutes of limitations and do not get in a hurry to step on their dicks.
Shad and Jody? Arguably haste makes waste. But it apparently sells books and gets you nationwide publicity.
I don’t see a problem with it. This is how fractional reserve banking works. You have a fraction of the reserves available and issue loans backed by nothing. She never touched or saw $95 million cash banknotes. She was just moving numbers around in a computer.
Shad will be ok.
Mississippi always needs folks to pick the low hanging fruit, so folks like Shad have job security. Especially if they are good at getting and taking care of influential whistleblowers!
Better yet, don’t serve on a board for free. It’s not an honor. It’s an important job.
Whoever is holding the bag will certainly pursue damages on the civil side, but next to impossible to prove anything criminal. Hopefully board members are insured. Auditors can count on being sued any day now.
If you take a look at the National Credit Union Administration Office of Inspector General Material Loss Review for St Paul's Croation Federal Credit Union
OIG201016MLRStPaulCroatian.pdf
You see years worth of warning signs on the level of some of the things reportedly seen at JAFCU.
KF if you look at one thing, look at the chart on page 21 of the PDF. St Paul's reported (reported not real) performance ratios compared to it's peer institutions. Too good to believe usuallly means fake as shit, as they were.
Also note that St Paul's loan to asset ratio increased to 98% in 2009, but they reported ZERO non performing loans for years including during the economic and real estate crash of 2008. Most of these loans were fraudulently on the books as secured by deposits restricted from withdrawl (these deposits mostly did not exist.)
They did have annual audits -- most recently by BMSS. Even with all the CYA language in their engagement agreements, they had better duck and cover.
The IRS needs to audit Brooks Collection.
Why was the Board of Directors not monitoring the reports monthly? They need to be terminated also along with CU auditors. This is a sham......
Sounds like the Human Services shit storm. Any politicians involved?
Who was the audit firm that audited their financial statements?
12:15 if you think those numbers are not real money, let someone lower some of the numbers in your own bank account. I'll bet you'll be howling bloody murder, and right soon.
1:07 Sure sounds like it.... This all reeks of "a lot of folks are in on all this mess"
It's definitely some mess about some mess.
@1:40 PM
i dont think you understand. She didn’t move money out of anyone’s account. She fabricated loans and then stole the newly created “money” she made appear out of thin air.
She didn’t take anything from anyone. Her position at the credit union gave her access to some of the the levers of the magic money press called fractional reserve banking and she simply used it.
1:53 even with a loan auditors should look at the loan file. Signed note, photo IDs, business plan, survey, appraisal, references, title search. And mail a written confirmation to the borrower for the balance. They don’t reply to the written conformation- the auditors call and ask to speak to the borrower CFO. It’s called GAAS. Generally accepted auditing standards.
You don’t just make up a legitimate loan.
@2:04 PM
Yep it is illegal to commit crime and people still do it. Welcome to reality friend. How long ago were you born?
The board of directors did nothing illegal that we know of. They were probably incompetent and derelict of their duties. But you can't be criminally prosecuted for being dumb, gullible, and lazy. They could have some civil liability however. I'm not sure.
Typo by me. Should say "a non-profit whose books are NOT subject to annual audits". Sorry
Because we are talking about low intelligence local residents.
"1:53 even with a loan auditors should look at the loan file. Signed note, photo IDs, business plan, survey, appraisal, references, title search. And mail a written confirmation to the borrower for the balance. They don’t reply to the written conformation- the auditors call and ask to speak to the borrower CFO. It’s called GAAS. Generally accepted auditing standards.
You don’t just make up a legitimate loan. "
Sir, this is a Wendy's.
Well, not quite. It's a financial institution in a state full of pompous hicks, rednecks, crooks, and morons, most of whom are the same people, and all of whom think they are worldly and sophisticated geniuses. IOW, it isn't even as professionally staffed as a semi-properly-operated fast food joint.
According to the website Openthebooks.com, Chad Turner Bridges made $129,281.25 in 2024 & the same in 2025 working for the Insurance Department.
That you've not heard about it is irrelevant. Thousands of members, many are school employees (teachers, etc), public employees, etc.
It's a federal crime. Fitch won't have a damned thing to do with it, although she will find a way to wiggle her name into the mix.
Shad has zero jurisdiction involving credit unions.
Will you Muffin-Heads please give it up with the SHAD comments. This is federal. He ain't got Jack-Shit to do with it.
$129k salary in MS, PERS, benefits, and a job that you (almost) cant get fired from would be enough for most people.
But clearly Chad is not most people.
Stupidity and greed on this level is quite hard to comprehend.
I am 3:35 and I want to point I did say ALMOST cant get fired.
His termination was just a matter of time, just as it was for his wife. The questions I have regarding Chad Bridges is what direct involvement, if any, did he have in creating the processes to perpetuate the fraud at the JAFCU, given his credentials and presumed knowledge as a Certified Fraud Examiner, and secondly, will there be an investigation by the Mississippi Insurance Department to determine if the JAFCU fraud connects to any actions/decisions made by Mr. Bridges in his capacity as a department director.
The board members at these other local cu’s should be put on notice. Another local credit union recently went on a “board retreat” to a St. Regis resort. I am sure the wining and dining doesn’t cloud their judgement at all.
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