Couple Accused of Embezzlement Buys Home Amid Legal Troubles
JACKSON, Miss. – A couple from North Jackson, Leigh and Chad Bridges, allegedly wired over $1.2 million in stolen funds to a real estate firm just days before purchasing a home on Sleepy Hollow Drive. This transaction comes in the wake of accusations that they embezzled nearly $95 million from the Jackson Area Federal Credit Union (JAFCU).
The National Credit Union Administration Board (NCUAB) has initiated a lawsuit against the Bridges and Tina Funez regarding the alleged embezzlement. Recent developments have led the agency to seek the appointment of a receiver for the Bridges’ property, aiming to preserve its value.
The couple’s home on Sleepy Hollow Drive is central to this legal situation, as it is one of four properties owned by them. Since the lawsuit was filed, they have vacated the home, prompting the NCUAB to arrange for security at the site.
Attorneys for the NCUAB are now requesting a court-appointed trustee to manage the property and alleviate security and upkeep costs. However, Leigh Bridges has contested this move, asserting that the house is well-secured with fencing, gates, and a Ring camera.
Additionally, Bridges mentioned having a $2.1 million insurance policy on the property, suggesting this coverage would safeguard the NCUAB’s interests. Yet, NCUAB legal counsel Allyson Mills expressed skepticism, noting she had not seen evidence of such insurance and questioned its adequacy for the property’s contents.
Mills pointed out that Bridges has valued her belongings at approximately $15 million, indicating that the true worth might exceed that. When Leigh Bridges allowed NCUAB to take custody of these items, it raised concerns about potential loss, particularly given the media attention on the residence.
As for the Ring camera setup, Mills stated that NCUAB lacks access to the necessary security codes and has been unable to receive them from the Bridges despite requests.
Chad Bridges has voiced his opposition to the trustee, fearing it would strip him of various legal defenses against a forced sale of their property. However, the NCUAB clarified that they don’t intend to sell the property unless a court ruling permits it.
Mills noted uncertainties regarding whether state defenses could prevent a forced sale under federal law, suggesting that such defenses might be less relevant considering the property was purchased with allegedly stolen money.
Documentation reveals that the Bridges own several properties, including two in Northeast Jackson and another in Hazlehurst, as well as one in Orange Beach, Alabama. They reportedly assisted Funez in acquiring a family property in Honduras.
Leigh Bridges’ attorney, John Colette, placed the total value of the Jackson homes and the Honduran properties at around $3.65 million, while also noting that Bridges’ accounts with Raymond James are valued at roughly $6 million. Additional assets are estimated at about $15 million.
In a letter sent to Mills on June 26, Colette mentioned that some luxury items were delivered to JAFCU while Leigh Bridges was still serving as CEO.
The Sleepy Hollow house was reportedly acquired in 2018 during her tenure as JAFCU’s chief financial officer. The NCUAB alleges there were over $51 million in false transactions that masked transfers from JAFCU’s general ledger to Leigh Bridges’ accounts from 2015 until she departed the credit union, including the recent $1.227 million transfer to Raymond James.
“The evidence strongly suggests that the Sleepy Hollow residence was obtained with misappropriated funds and should be regarded as held in trust for the benefit of JAFCU,” Mills stated, asserting that NCUAB is taking steps to safeguard that interest through their motion for a trustee.
Records suggest that Leigh Bridges may face criminal charges. However, as of now, no formal indictment or bill of information has been filed in U.S. District Court.
