Michigan Embezzlement Case Against Local Credit Union CFO Comes to an End
Michigan investors may remember the 2015 embezzlement case against Michael LaJoice of Tyrone Township. LaJoice was charged with 14 counts related to the embezzlement of approximately $20 million from the Clarkston Brandon Community Credit Union, where was had been the CFO since 2003.
The embezzlement took place over a 12-year period, from 2007 to 2015.
As CFO, LaJoice wrote large deposits and approved them with minimal oversight. He also committed check fraud by addressing checks out to himself. In addition, he concealed the missing funds by creating fictitious CDs and bonds and then claimed to auditors and bank examiners the missing funds had been invested into these vehicles. In Jan 2016, LaJoice turned himself into the Oakland County Jail.
The cases involving LaJoice included two criminal cases (one in state and one in federal court), two forfeiture cases (one state and one federal) and two civil cases. In May, 2017, LaJoice received an 11-year federal sentence. His sentence also includes seven to 20 years in state prison.
The 20-year maximum is more than double Michigan’s guidelines. However, he can be paroled after seven years in state court. There is no chance of parole for his federal sentence. LaJoice will, however, receive credit for time already served.
Prior to these embezzlement charges, LaJoice had been considered a charitable award-winning community member. LaJoice owned six properties, a ballroom and Latin Dance studio and a million-dollar home. His assets have been sold and used toward restitution payment.
Due to LaJoice’s fraudulent actions, the Clarkston Brandon Credit Union became insolvent and merged with the Michigan State University Federal Credit Union.
If you feel that you may have been a victim of securities fraud or investment fraud please contact Michigan securities law firm today. We have been helping investors recover losses from fraudulent financial advisors for over 20 years! We offer Free case evaluations.