A high-ranking Mississippi Insurance Department official was fired in June after allegations that he and his wife diverted more than $90 million from a credit union that is now in receivership.
Chad Bridges, director of financial and market regulation at the department since early 2024, was named in a federal lawsuit brought by the National Credit Union Administration, conservator of the troubled Jackson Area Federal Credit Union.
The suit charges that Bridges’ wife, Leigh Bridges, who was CEO of the credit union, reaped the benefits of years of fraudulent transfers of funds, money that was used to pay for jewelry, construction work, interior design, a Steinway piano, a Mercedes-Benz, a Porsche, and millions of dollars in credit card bills.
The conservator filed the suit in an effort to recover some of the funds to help rehabilitate the credit union and protect the National Credit Union Share Insurance Fund.
The complaint notes that some $906,704 was paid to a construction firm, the same firm that helped renovate the Bridges’ home in an exclusive neighborhood in Jackson. That 60-year-old home was so lavishly appointed, replete with commissioned paintings of pets, that it was featured in a recent Mississippi Magazine article and photo spread.
With the fraud allegations, the couple have lost their jobs and could lose most of their assets. Leigh Bridges was placed on leave from the credit union in April. Chad was suspended soon after, then fired.
“Effective Monday, June 15, Chad Bridges is no longer employed with the Mississippi Insurance Department,” MID Communications Director Beth Reiss said in a statement to news outlets.
Bridges’ wife, Leigh Bridges, was CEO at the credit union for a number of years. The lawsuit by the National Credit Union Administration charges that she diverted millions of dollars to her and her husband’s personal accounts. That reportedly came while the credit union sank into financial trouble.
Chad Bridges, at the insurance department since 2004, had no access to public funds and the department is not accused of wrongdoing, the department said. As director of financial and market regulation, he oversaw the solvency of insurers, compliance matters, examinations and market conduct regulation.
Topics
Lawsuits
Fraud
Mississippi
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