DETROIT–The former credit union CFO who embezzled more than $18 million over a 12-year period and who was known locally as a charitable civic leader, has been sentenced to 11 years in federal prison.
Michael A. LaJoice, the CFO at the now defunct Clarkston Brandon Community Credit Union, asked for “mercy” at his sentencing, but U.S. District Judge Gershwin Drain wasn’t swayed.
“This offense represents pure greed,” Drain said to LaJoice, who appeared before him in shackles, according to the Detroit News. “I don’t see how I can be lenient with you.”
As CUToday.info reported extensively, including here and here, LaJoice stole $18.6 million over a 13-year period from the then $65-million credit union. At the time LaJoice turned himself in to the Oakland County Sheriff’s Office and admitted to stealing the money, the credit union was unaware of it.
LaJoice pleaded guilty to bank fraud in November 2016, and has been incarcerated since his arrest in January of 2016.
Clarkston Brandon Community CU was placed in conservatorship in 2016 and eventually merged.
LaJoice, who according to the Detroit News has lost a dramatic amount of weight and grown a beard while incarcerated, became emotional when addressing the court.
“Um, I’m not proud of what I’ve done. I cannot change what I’ve done, unfortunately,” LaJoice was quoted by the news as saying. “I ask for mercy today so I can return home to my family.”
LaJoice was a married father of three at the time of his arrest.
The court also ordered him to pay $18.6 million restitution. LaJoice’s lawyer, Michael Manley, had been seeking a more lenient sentence of five years, plus full restitution.
Manley had earlier written to the court to say his client had fully cooperated with state and federal authorities, having given up his home, a private jet lease, jewelry, art, furnishings and Detroit Pistons and Tigers tickets.
At the time of his arrest LaJoice was well-known in the community for both his charitable acts—once spending $4,000 to buy a pie at a church fundraiser—and for efforts to improve downtown Fenton, Mich., where he had opened a Latin dance studio and where he had bought a number of properties as part of a plan to build a six-story mixed-use project.
LaJoice, who earned approximately $65,000 at the credit union, also owned a $1.3-million home.
At the sentencing, the Detroit News quoted LaJoice as saying, “A huge amount of stress is off my shoulders. I don’t have to live a lie anymore. I used to think money could buy happiness.”