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?
13 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.
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