PONTIAC, Mich.–After being been sentenced to 11 years in federal prison, former credit union CFO Michael LaJoice must now also serve a second prison term of seven to 20 years on state charges.
The state sentence ordered by Oakland County Circuit Judge Cheryl Matthews against LaJoice is concurrent with the federal sentence handed down in March, which CUToday.info reported here.
LaJoice pleaded guilty to the federal charges and no contest to the 14 state charges.
LaJoice is the former CFO of at the now defunct Clarkston Brandon Community Credit Union who embezzled more than $18 million over a 12-year period. LaJoice was known locally as a charitable civic leader.
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 was a married father of three at the time of his arrest.
Along with his federal sentence, LaJoice was also ordered him to pay $18.6 million restitution.
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.