Chad Bridges Fired As Jackson Area FCU Scandal Expands
By CU Today Staff —
JACKSON, Miss.—The fallout from the alleged $95-million fraud at Jackson Area Federal Credit Union intensified this week after Chad Bridges, the Mississippi Insurance Department executive named in the NCUA's civil lawsuit, was terminated from his state position just days after being placed on administrative leave.
A spokesperson for the Mississippi Insurance Department confirmed that Bridges' employment ended June 15.
"Effective Monday, June 15, Chad Bridges is no longer employed with the Mississippi Insurance Department," Mississippi Insurance Department Communications Director Beth Reiss said in an email to 16 WAPT News.
The dismissal follows the department's announcement earlier this week that Bridges had been placed on leave pending further investigation after being named as a defendant in the NCUA's lawsuit against former Jackson Area FCU President and CEO Leigh Bridges, his wife. State officials have repeatedly emphasized that the allegations are unrelated to the Insurance Department itself.
As CUToday.info previously reported, Chad Bridges had served with the Mississippi Insurance Department since 2004 and was appointed director of the agency's Financial and Market Regulation Division in 2024. The NCUA alleges Leigh Bridges orchestrated a years-long scheme that diverted approximately $95 million from Jackson Area FCU through fraudulent ACH transactions, wire transfers and false accounting entries. Regulators contend that after NCUA examiners began scrutinizing activity in Leigh Bridges' accounts, substantial sums were routed through accounts held in Chad Bridges' name.
According to the NCUA's court filings, investigators identified approximately $26.8 million in false entries that flowed through Chad Bridges' Jackson Area FCU accounts between 2019 and 2026. The agency alleges Leigh Bridges exercised control over those accounts and used them as part of a broader effort to conceal the source of funds. The lawsuit further alleges that the couple's documented income was insufficient to support the luxury purchases, real estate improvements, jewelry acquisitions, private travel and other expenditures outlined in court records.
The case expanded further this week when the NCUA filed an amended complaint adding former Jackson Area FCU branch manager Tina Funez as a defendant. The agency alleges Funez received substantial benefits funded with misappropriated credit union money, including a Tesla, designer handbags, jewelry, travel on private aircraft and other gifts. Meanwhile, federal court orders continue to freeze numerous financial accounts, vehicles, real estate holdings and other assets connected to Leigh and Chad Bridges as regulators seek to recover funds for the credit union and the National Credit Union Share Insurance Fund.
Originally reported by CU Today.