Federal Charges Of Bank Fraud Added To List Against Former CFO Of Clarkston Credit Union

CLARKSTON (WWJ/AP) - More criminal charges have been filed against the former Chief Financial Officer of the Clarkston Brandon Community Credit Union.

The federal government filed documents Wednesday accusing Michael LaJoice of Bank Fraud. Prosecutors say he embezzled and stole more than $20 million from the credit union over a 12-year period.

In January LaJoice walked into the Oakland County sheriff's office and turned himself in -- admitting the crime.

The information filed in federal court says in some cases, LaJoice wrote cashier's checks from various accounts without permission and deposited them into his own accounts.

Officials from the credit union said serious accounting irregularities were discovered during a routine visit from the Department of Insurance and Financial Services. After LaJoice was confronted about the errors, officials say he failed to show up for work the following day and was immediately terminated as CFO, a position that he held since June 2015. He then turned himself in to police.

LaJoice owned a dance studio in Fenton and put millions of dollars into his home. His lifestyle didn't appear to match his $65,000-a-year salary.

He is also facing state charges for embezzlement.

The state stepped in immediately after LaJoice was arrested to make sure people who do business with the Clarkston Brandon Community Credit Union didn't lose any money after the bank's CFO was charged with embezzling more than $20 million.

The director of DIFS appointed the National Credit Union Administration (NCUA) as conservator of the credit union to protect the public and those who have money in the bank.