Feds seek 11-year prison term for credit union officer

Posted at 11:49 AM, Mar 14, 2017
and last updated 2017-03-14 12:38:28-04

Prosecutors are recommending an 11-year prison sentence for a man who embezzled nearly $19 million from a credit union in suburban Detroit.

Michael LaJoice, who was chief financial officer at Clarkston Brandon Community Credit Union, is returning to court Tuesday. He ripped off the credit union over a dozen years, buying a luxurious home and fancy cars and traveling by private jet. A Cadillac Escalade cost $95,000.

Federal prosecutor John Neal says it "reflects a level of greed that is difficult to fathom." The credit union was in perilous condition and had to be taken over by Michigan State University Credit Union.

LaJoice is asking for a five-year prison sentence. He has sold assets and started to repay millions. Defense lawyer Michael Manley says LaJoice has been "humbled and destroyed."