Fallout Grows In Jackson Area FCU Scandal; Insurance Department Executive Removed From Duties
By CU Today Staff —
JACKSON, Miss.—The fallout from the NCUA's $95-million fraud lawsuit against former Jackson Area Federal Credit Union CEO Leigh Bridges widened Monday after the Mississippi Department of Insurance confirmed that Chad Bridges, Leigh Bridges' husband and a senior department official, has been placed on administrative leave while the case proceeds, WLBT reported.
According to WLBT, Chad Bridges served as director of the Mississippi Insurance Department's Financial and Market Regulation Division and had worked for the agency since 2004. State officials said he was placed on leave due to issues unrelated to the Insurance Department itself. The move comes days after the NCUA, acting as conservator for Jackson Area FCU, sued Chad and Leigh Bridges in federal court, alleging they participated in a scheme that diverted approximately $95 million from the credit union over several years.
As CUToday.info previously reported, the NCUA alleges Leigh Bridges transferred millions of dollars from the credit union into personal accounts and used the funds to finance an extravagant lifestyle that included luxury vehicles, jewelry, designer goods, fine art, a Steinway piano and high-end real estate projects. Regulators further allege that after scrutiny intensified, funds were shifted into accounts controlled by Chad Bridges. Court records show a federal judge granted a temporary restraining order and asset freeze in May, and both defendants have been served in the case. The NCUA is seeking restitution, recovery of transferred funds, disgorgement and other remedies designed to replenish losses tied to the alleged scheme.
The lawsuit remains civil, and no criminal charges have been publicly announced. However, the case continues to generate attention across Mississippi because of Chad Bridges' regulatory role overseeing insurance company financial and market regulation. WLBT reported that the NCUA has alleged that approximately $13.8 million was transferred into Chad Bridges' credit union accounts alone between 2019 and 2026.
Originally reported by CU Today.