Credit Union Officer Admits to Embezzling $20M

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CLARKSTON, MI – The chief financial officer of an Independence Township credit union is charged with multiple felonies after admitting he embezzled more than $20 million over 12 years, authorities said.

Michael LaJoice, 35, of Fenton, turned himself in at the Oakland County Sheriff’s Office headquarters in Pontiac on Jan. 6 and admitted the thefts from the Clarkston/Brandon Credit Union, where he has been the CFO since 2003, the sheriff’s office said in a news release.

It’s unclear why LaJoice suddenly turned himself in.

“We weren’t even aware of this until he came forward,” Undersheriff Michael McCabe told The Detroit News. “The matter is still under investigation.”

LaJoice was arraigned by video on the 14 embezzlement charges in 52nd District Court in Clarkston Friday. A not guilty plea on LaJoice’s behalf and bond was set at $1 million, with the conditions that he wear a GPS tether and be confined to his home, according to the news release.

LaJoice could be sentenced to up to 20 years in prison on each charge, and could face hundreds of thousands of dollars in fines, the sheriff’s office said.

Donna Bullard, president and CEO of the credit union, told The Detroit News that the personal accounts of the more than 9,300 members of the institution are safe and insured by the National Credit Union Administration for up to $250,000.

The Detroit News said LaJoice is well-known for his generosity. He once bought an apple pie for $4,000 at a church festival bake sale, and offered to match contributions made at an area food bank fundraiser in March 2014.

“I don’t even know how much that will be — but that doesn’t matter,” LaJoice reportedly told an applauding, appreciative crowd when he made the announcement.

During his arraignment, assistant Oakland County prosecuting attorney Rob Novy argued for a $20 million bond.

“His lifestyle is like something out of the ‘Rich and Famous’” Novy said,. “His home includes a private nine-seat movie theater ... high-end appliances ... things that could not have been purchased on his salary.”

LaJoice earned $65,000 annually.

He reportedly lived in a recently renovated $1.3 million, 5,800-square-foot home in Fenton; owned a Chasse ballroom and dance studio in Fenton and planned to build several more; and paid $1.2 million last year for a property where he planned to build a six-story Riverview project that would include a dance studio, fresh food market and 53 condominiums and create 200 jobs in the Fenton area.

A pre-exam conference is scheduled for Jan. 20 and the preliminary exam is scheduled for Jan. 26, both in the Clarkston court.

The investigation is continuing in cooperation with the FBI and federal regulators with the National Credit Union Administration, the sheriff’s office said.