PONTIAC, Mich.—Michael LaJoice, the former CU CFO who allegedly stole more than $20 million from Clarkston Brandon Community CU, is trying to make restitution by selling off properties that include his $1.3-million home, his attorney said.
LaJoice appeared in Oakland Circuit Court here where Judge Cheryl Matthews set a Dec. 12 trial date, the Detroit News reported.
As CUToday.info reported here, LaJoice, 36, allegedly walked into the Oakland County Sheriff’s Office and claimed to have embezzled $20 million over a 12-year period from the Fenton, Mich.-based credit union. He faces 13 counts of embezzling more than $100,000 and one count of embezzling from a financial institution.
LaJoice’s actions led to the CU being conserved by state regulators in January and then merged into Michigan State University FCU in March.
“We are doing whatever we can to pay the missing money back,” Michael Manley, LaJoice’s attorney, told the Detroit News.
Manley said more than $1.1 million in LaJoice properties in the Fenton area, including his Chasse Ballroom and Latin Dance studio, have been sold. A deal to sell his $1.3 million home is scheduled to be closed Oct. 7.
Matthews reminded Manley all motions, including presumably to include any possible pleas, must be made by Nov. 30, the newspaper reported, adding that Manley stated, “We do expect a resolution (of issues).”
LaJoice, who was paid approximately $60,000 annually by the credit union, was the developer of a downtown project called Riverview for which he had paid $2.1 million to gain control of seven properties.
Authorities said LaJoice stole the funds in $100,000 increments that were then put into personal accounts. Investigators said more than $800,000 in cash has been recovered from seven accounts and work continues to uncover any other funds.
LaJoice is charged with 14 counts of embezzling more than $100,000, a felony than can carry up to 20 years in prison on conviction. He also faces related federal charges.