CLARKSTON, Mich.–Although there had been talk of a potential plea deal, authorities now say that Michael LaJoice, the former CFO at the now-defunct Clarkston Brandon Credit Union who allegedly admitting to stealing $20 million, will go to trial. The trial is set for Dec. 12.
LaJoice, 37, is currently involved in six different cases — two criminal cases, one in the federal system and one in the state system; two forfeiture cases, one in the federal system and one in the state system, and two additional cases involving properties that he owns.
LaJoice’s attorney, Michael Manley, told TCTimes.com, “I’m trying to come up with a global resolution. We would like to have all of this done before Mr. LaJoice faces the judge. It’s very unlikely it’s going to a jury trial.”
As CUToday.info has reported, LaJoice turned himself in on Jan. 6 following an audit at the Clarkston Brandon Community Credit Union, which regulators have since merged into Michigan State University FCU. LaJoice allegedly told the Oakland County Sheriff’s Office that he embezzled approximately $20 million from this credit union over the past 12 years. He had been the chief financial officer (CFO) since June 2015.
On Jan. 8, LaJoice was arraigned on 14 felony counts of embezzlement, each count in excess of $100,000. He is facing federal bank fraud as well.
“You can never have loose ends in these cases. It’s better to take your time and do it right rather than do it quickly and have something go wrong later,” Manley told TCTimes.com.
LaJoice and his attorneys continue to attempt to sell a number of LaJoice-owned properties, including a development downtown. The sale of LaJoice’s million-dollar, 5,800-square-foot home reportedly will also close by Oct. 7.
All funds recovered will go to the National CU Share Insurance Fund.