| |
(Michael
LaJoice
police
booking
photo) |
| |
Clarkston
man
sentenced
for
embezzling
over $18
Million
from
credit
union
Posted
By
Wendell
Bryant/Tell
Us
Detroit
DETROIT
- The
Chief
Financial
Officer
of a
Clarkston,
Michigan
Credit
Union,
was
sentenced
today to
11 years
in
federal
prison
for
embezzling
over $18
million
from his
employer,
acting
United
States
Attorney
Daniel
L.
Lemisch
announced.
Joining
Lemisch
in the
announcement
was
Special
Agent in
Charge
David P.
Gelios
of the
Federal
Bureau
of
Investigation’s
Detroit
Division.
Michael
A.
Lajoice,
38 years
old, was
sentenced
today by
United
States
District
Judge
Gershwin
Drain
sentenced
Lajoice
to 132
months
in
prison
and
ordered
him to
pay
restitution
in the
amount
of
$18,635,431.
Lajoice
pleaded
guilty
on
November
3, 2016
to one
count of
bank
fraud
arising
out of
his role
in the
embezzlement.
According
to court
documents,
LaJoice
was
employed
by the
Clarkston
Brandon
Community
Credit
Union (CBCCU),
which
was a
federally
insured
financial
institution.
LaJoice
began
his
employment
as an
Account
Manager
and
later
became
CBCCU’s
Chief
Financial
Officer
in June
2015. As
such,
LaJoice
was
responsible
for the
accounting
functions
of CBCCU,
which
included
producing
CBCCU's
financial
statements,
making
general
ledger
entries
and ACH
transfers,
tracking
investments,
and
reconciling
CBCCU’s
corporate
account
statements.
Between
January
2003 and
January
2016,
LaJoice
embezzled
over $18
million
from
CBCU.
Over the
years,
LaJoice
used a
variety
of
methods
to
execute
and
cover up
his
embezzlement.
In some
instances,
LaJoice
issued
cashier’s
checks
from
various
CBCCU
accounts
without
authorization
and
deposited
those
funds
into
accounts
at other
financial
institutions
that he
controlled.
In other
instances,
LaJoice
used
Automated
Clearing
House
(ACH)
withdrawals
to
conduct
unauthorized
transfers
from
CBCCU’s
accounts
to his
own
personal
accounts
held at
other
financial
institutions.
To
conceal
the
fraud,
LaJoice
created
fictitious
investments
in
certificates
of
deposit
and
bonds,
and
represented
to
auditors
and bank
examiners
that the
money he
stole
had in
fact
been
invested
in these
vehicles.
The case
was
investigated
by the
FBI,
Oakland
County
Sheriff’s
Department,
and
investigators
from the
Oakland
County
Prosecutor’s
Office.
Assistant
United
States
Attorneys
Abed
Hammoud
and John
K. Neal
prosecuted
the
case.
Assistant
United
States
Attorney
Philip
Ross is
handling
the
asset
forfeiture
proceeding.
|
| |
|
|
|
|
|
I
HI TECH NEWS
I
SPORTS
I
