PONTIAC, Mich.–In the wake of the alleged $20-million embezzlement by its former CFO, Clarkston Brandon Community Credit Union is reassuring members that the CU is open for business.
The credit union has also shared additional information on the alleged crime, stating that it is “appalled” by the theft.
As CUToday.info reported here, Michael LaJoice, 36, the former CFO at Clarkston Brandon Community CU, has been charged with 14 felonies related to alleged thefts from CBCCU. The thefts allegedly occurred from 2003-2012.
Late last week LaJoice reportedly walked into an Oakland County (Mich.) Sheriff’s Office and admitted to the theft to police, who said “We weren’t even aware of this until he came forward.” The fraud was reportedly discovered during an audit at the credit union on Jan. 4.
In a released statement, CEO Donna Bullard explained that “leadership wants to first and foremost convey to our members that our branches are open and fully functional, and our full staff remains ready to meet members’ financial service needs.”
The CU’s release shared additional details about the alleged crime, stating that during the week of Jan. 4, CU “leadership was made aware of potentially serious accounting irregularities during a routine visit from the Department of Insurance and Financial Services. After Michael LaJoice was confronted about the errors, he failed to show up for work the following day and was immediately terminated as chief financial officer, a position that he held since June 2015.”
When the CU learned that LaJoice turned himself into Oakland County authorities on Jan. 6, Bullard said the credit union was “appalled and dismayed” by the news.
“Our first and most important priority is expressing our profound regret to our members and the community that this crime occurred and was not uncovered sooner,” Bullard said. “During the entirety of LaJoice’s employment, Clarkston Brandon Community Credit Union has had regular examinations and audits that were conducted in accordance with the Michigan Credit Union Act.”
Bullard said the CU is working in full cooperation with authorities to “see that every detail of this egregious situation is revealed, and justice is served. We remain focused on continuing to provide the quality of services our members are accustomed to. There has been no change in hours or services . . . We will share more as the investigation unfolds.”