JAFCU Update: NCUA Details Private Jets, $88K Watch In Fight Over Frozen Funds
By CU Today Staff —
JACKSON, Miss.—The NCUA is opposing Chad Bridges’ request for access to his frozen retirement accounts, alleging he benefited from millions of dollars misappropriated from Jackson Area Federal Credit Union through luxury purchases, expensive travel and improvements to the couple’s Jackson residence.
The regulator said its forensic auditor has now attributed $73.3 million in JAFCU losses to former CEO Leigh Bridges. Its Sept. 4 federal court filing alleges Chad Bridges’ purchases included a $24,817 necklace, three pairs of sneakers and an apparent wallet costing $5,202, an approximately $34,390 deposit on a Christian Dior item and an $88,275 Cartier watch. The NCUA also cited a $13,335 private-jet booking and trips with Leigh Bridges to Nice, France, and Utila, Honduras.
The NCUA alleged approximately $26.8 million was transferred from JAFCU’s general ledger into an account belonging to the couple, with some money subsequently spent on their Sleepy Hollow Drive home. The regulator estimated that Chad Bridges received a $1.08-million benefit through his half-interest in the property. It contrasted the spending with his income, saying his average annual take-home pay during the past seven years was $56,719 and that the Cartier watch alone exceeded his $86,633 take-home pay in 2025.
As CUToday.info last reported, Bridges asked the court to release a Raymond James IRA and Mississippi deferred-compensation account that he maintains were funded through his employment and are unrelated to the alleged losses. WAPT reported that Bridges said the only IRA deposit during the past decade was an $86,479 pension rollover and that he needs the money for living expenses, property costs and legal fees after losing his job and receiving approximately $235 weekly in unemployment benefits.
The NCUA countered that records supplied by Bridges’ attorney showed money was already in the IRA before that rollover and that its source remains unknown. It also called Bridges’ proposed $6,171 monthly budget—including $2,900 for rent and utilities—excessive and argued that federal law permits the court to freeze his retirement accounts even if they cannot be traced directly to JAFCU funds. The court has not ruled on Bridges’ request.
Originally reported by CU Today.