FENTON, Mich.–Authorities here have yet to decide on how they will dispose of seven properties that once belonged to Michael LaJoice, the former CFO at the now defunct Clarkston Brandon Community Credit Union who is suspected of embezzling as much as $20 million from the CU.
The Tri County Times reported that both defense and prosecution attorneys are in “negotiations” over the properties, which include LaJoice’s multi-million-dollar home. Although not mentioned in the report, NCUA, which liquidated the credit union with the NCUSIF absorbing the losses would be among the parties with claims on those properties.
In addition to the homes, LaJoice also owns six other properties in the city of Fenton, Mich., including buildings that were home to the now-closed Chassé Ballroom and the Latin Dance Studio.
LaJoice turned himself into police just two months after holding a press conference to announce his plans for a multi-million-dollar, multi-use development in downtown Fenton to be called Eiverview. LaJoice had spent $2.5-million—in cash—to acquire the properties, according to the Tri County Times.
All of LaJoice’s properties have now been frozen. LaJoice is facing 14 felony counts of embezzlement. He turned himself in earlier this year when he walked into the Oakland County Sheriff’s Office and allegedly claimed to have stolen $20 million over the 12 years he was CFO at the credit union.
Clarkston Brandon has since been shuttered and taken over by Michigan State University FCU. LaJoice remains in prison while awaiting a trial.