Guilty Of Embezzling $20 Million: CFO Of Credit Union Sentenced To 11 Years

CLARKSTON (WWJ) - A Clarkston bank executive will spend 11 years behind bars after admitting to embezzling nearly $20 million.

Micheal LaJoice pleaded guilty in federal court to charges of bank fraud in exchange for a reduced sentence of 10 to 12-and-a-half years in prison. The one-time chief financial officer of the Clarkston-Brandon Community Credit Union admitted to stealing the money over eight years, buying a luxurious home, fancy cars and commercial properties, and traveling by private jet.

LaJoice had asked for a sentence of five years, but the judge called the amount staggering. LaJoice is also due in Oakland County Circuit Court next week to plead guilty to other charges.