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Sheriff's Office: Man admits to embezzling $20M

Posted: 4:18 PM, Jan 08, 2016
Updated: 2016-01-08 16:18:01-05

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.