The chief financial officer of an Oakland County credit union admits to police he embezzled $20 million.
In a media statement from the Oakland County Sheriff's Office, on January 6th, Michael LaJoice walked into the Oakland County Sheriff's Office Headquarters in Pontiac and made a statement to detectives that he committed the embezzlement over a 12 year period at the Clarkston/Brandon credit union in Independence Township.
He'd been CFO there since 2003.
Detectives proceeded to confirm with the credit union officials the credibility of LaJoice's statements.
As a result of the statements made in the interview and further investigation, the Oakland County Prosecutor's Office charged LaJoice with 14 felony counts of embezzlement of over $100,000.
He faces up to 20 years in prison and an enormous fine.
Bond was set at $1 million. He is scheduled to be back in court January 20.