CEO Donna Bullard, CEO of Clarkston Brandon Credit Union, said staff is “devastated” by an embezzlement investigation of bank CFO Michael Anthony LaJoice
For addition comment, Bullard referred to public statements she released over the weekend and was preparing for this week.
“While this investigation is proceeding, we want to assure our members that it is business as usual at the credit union,” Bullard’s public statement said. “Members should remember that all accounts are insured by the NCUA (National Credit Union Administration), a federal share insurance agency for up to $250,000.”
On Jan. 6, LaJoice, 36, walked into the Oakland County Sheriff’s Office Headquarters in Pontiac and made a statement to detectives saying he embezzled money over 12 years at the Clarkston/Brandon Credit Union in Independence Township. He was the chief financial officer at the credit union since 2003.
“At this time, we are unable to comment any further while the investigation is ongoing,” Bullard said. “Members will be updated in the future when more information is available.”
Clarkston-Brandon Community Credit Union reportedly has nine members with balances exceeding that amount, and $1.7 million in uninsured balances.
Detectives confirmed details of his statements with credit union officials, and after more investigation the Oakland County Prosecutor’s Office authorized a 14-count warrant against LaJoice.
Charges authorized by the Oakland County Prosecutor’s Office and sworn to in 52-3 District Court include one count of Embezzlement – Financial Institution / Felony – 20 years; and 13 counts of Embezzlement – $100,000 or more / Felony – 20 years and/or a fine up to $50,000 or three times the amount embezzled, whichever is greater.
He was arraigned by District Court Judge Joseph G. Fabrizio from 52-2 District Court in Independence Township.
LaJoice’s total bond for all charges was set at $1,000,000 cash or surety. If bond is posted, he will have to wear a GPS tether.
A pre-exam conference is scheduled for Jan. 20 in 52-2 District Court. Preliminary exam is scheduled for Jan. 26.
The investigation is ongoing and the Sheriff’s Office is working with federal regulators in the NCUA and the FBI.
Clarkston Brandon Community Credit Union opened in 1957, and serves more than 8,000 members and their families in Oakland, Macomb, Genesee, Lapeer and Livingston counties. It has two full service offices, one at 8055 Ortonville Road in Clarkston and the branch office at 4 South Street in Ortonville.