Authorities: Credit Union Employee Turns Self In, Says He Embezzled $20 Million

PONTIAC (WWJ/AP) - Authorities say a man walked into the offices of a Michigan sheriff's department and told investigators he embezzled $20 million over a 12-year period from a credit union.

Oakland County Undersheriff Michael McCabe told The Detroit News that investigators "weren't even aware of this until he came forward" Wednesday.

McCabe said Michael Anthony LaJoice, who worked for Clarkston Brandon Community Credit Union, was arrested after saying he wanted to give himself up because of his actions. The scheme, which stretches back 12 years, involved bogus transactions and investments to mask the taking of funds for the suspect's own purposes, according to the newspaper.

A safe, computers and business records were removed from the man's Livingston County home and examined by investigators.

LaJoice was arraigned on 14 counts of embezzlement in 52-2nd District Court in Independence Township.

His bond was set at $1,000,000.00 and he'll have to wear a GPS Tether if he posts bond.

Police say the man is married with young children, and the family lives in a $1.3 million, 5,800-square foot home that is suspected to have been purchased with the stolen funds. The newspaper says the man is known locally for his generosity to charity, and was recently honored for his community service efforts.

The credit union is investigating the theft as well. Officials say the personal accounts of more than 9,300 credit union members are safe.

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