CLARKSTON, Mich.–Prosecutors are seeking an 11-year sentence for a former credit union CFO who has allegedly admitted to embezzling approximately $20 million.
But attorneys for Michael LaJoice, the former CFO at Clarkston Brandon Community CU, are asking for a five-year sentence.
As CUToday.info has reported extensively, including here, LaJoice in early 2016walked into the Oakland County Sheriff’s Office and admitted he had been stealing funds since 2003. Over that time he allegedly used the funds to purchase a multi-million dollar home, expensive homes, area businesses, and a downtown property where he planned a building project.
Federal prosecutor John Neal told The Detroit News LaJoice’s actions “reflect a level of greed that is difficult to fathom.” The $60-million Clarkston Brandon Credit Union was conserved by regulators in 2016 and merged into Michigan State University Credit Union.
In seeking a five-year term, LaJoice, who has been in prison since last year, said through his attorney that he has already sold assets and started to repay “millions.” His lawyer, Michael Manley, told the Detroit News that LaJoice is “humbled and destroyed.”