A high-ranking Mississippi Insurance Department official has been placed on leave 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, is 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 more than $30 million 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 past and presents pets, that it was featured in a recent Mississippi Magazine article and photo spread.
With the fraud allegations, the couple now face losing their employment and most of their assets. Leigh Bridges was placed on leave from the credit union in April. Chad was suspended soon after.
“Due to issues not related to the Mississippi Insurance Department, Chad Bridges has been placed on administrative leave pending further investigation,” the insurance department said in a statement Monday.
Chad Bridges, a native of Brandon, Mississippi, began work at the department in 2004, and had 14 years of experience in the insurance business before that, the department said. As director of financial and market regulation, he oversaw the solvency of insurers, compliance matters, examinations and market conduct regulation. He had no access to public funds at the department, said Beth Reiss, communications director for MID.
Chad Bridges’ annual salary topped $129,000 in 2025, according to GovSalaries.com.
The alleged diversion of funds scheme began to unravel early this year, when irregularities were found in the credit union’s automated clearinghouse payments and ledger entries, according to the lawsuit complaint. In April, two credit union board members confronted the CEO, Leigh Bridges, about a $95 million shortfall on the books.
At the time, the institution had total assets of less than $163 million, the lawsuit notes.
Leigh, who was previously the chief financial officer at the credit union, initially said she was unaware of what might have happened, the Credit Union Times reported. She then acknowledged some irregularities, and was placed on leave April 17, pending further investigation.
“Leigh Bridges caused false deposit entries to be entered into the share accounts of Leigh and Chad Bridges,” the complaint reads.
A share account is the name given to savings accounts at credit unions. Leigh Bridges reportedly made computer entries to look like funds were transferred from an external source. But the investigation found that millions had been transferred from the credit union to share accounts held by Leigh and Chad. The NCUA was named conservator of the savings institution on May 6.
Leigh Bridges has offered to pay back the missing funds, by selling off her material assets, the Credit Union Times wrote, quoting from a statement in the court file from a National Credit Union Administrator examiner.
The complaint can be seen here. The Bridges have not yet filed an answer to the complaint. It’s unclear if the couple will also face criminal charges.
Topics
Lawsuits
Fraud
Mississippi
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