Clarkston CFO Blew $18M in Credit Union Heist

CLARKSTON, MI – A brazen betrayal of trust rocked the Clarkston Brandon Community Credit Union (CBCCU) as former Chief Financial Officer Michael A. Lajoice, 37, admitted today to pilfering over $18 million from the federally insured institution. The guilty plea, entered before U.S. District Judge Gershwin A. Drain, confirms years of systematic theft concealed by a web of lies and falsified records.

U.S. Attorney Barbara McQuade, alongside FBI Special Agent in Charge David P. Gelios, unveiled the details of Lajoice’s scheme, a slow bleed of funds that began as early as January 2003 and continued until January 2016. Lajoice wasn’t some outside actor; he rose through the ranks, starting as an Account Manager before securing the position of CFO in June 2015 – a role that gave him complete control over the credit union’s financial arteries.

The method wasn’t a single, dramatic grab. Instead, Lajoice employed a multi-faceted approach. He issued unauthorized cashier’s checks, diverting funds into accounts he personally controlled. He also utilized Automated Clearing House (ACH) withdrawals, siphoning money directly from CBCCU’s accounts into his own. But the real audacity lay in his cover-up: the creation of entirely fictitious investments in certificates of deposit and bonds. He presented these phantom assets to auditors and bank examiners, convincing them the stolen funds were legitimately invested.

For over a decade, Lajoice maintained this charade, living a life fueled by stolen money while the members of CBCCU unknowingly funded his deception. The scale of the embezzlement – exceeding $18 million – represents a staggering breach of fiduciary duty and a devastating blow to the local financial institution. Investigators from the FBI, Oakland County Sheriff’s Department, and Oakland County Prosecutor’s Office painstakingly unraveled the complex scheme.

Lajoice now faces a potential sentence of up to 30 years imprisonment. However, the plea agreement suggests a likely sentence in the range of 121 to 151 months behind bars. Sentencing is scheduled for March 21, 2017. Assistant United States Attorneys Abed Hammoud and John K. Neal are leading the prosecution, while Assistant U.S. Attorney Philip Ross is managing the asset forfeiture proceedings, aiming to recover as much of the stolen funds as possible.

This case serves as a stark reminder that even those in positions of trust can succumb to greed, and that financial institutions must remain vigilant against internal threats. The Grimy Times will continue to follow this case as it moves towards sentencing and potential asset recovery, ensuring accountability for Lajoice’s years of deceit and theft.