Officials: Man admits to stealing $20 million from credit union

INDEPENDENCE TOWNSHIP, Mich. (AP) – The chief financial officer of a suburban Detroit credit union has been charged with embezzlement after walking into a sheriff’s office and declaring that he stole $20 million over 12 years.

Michael LaJoice gave the confession on Wednesday, and Oakland County detectives say they quickly confirmed it. The 36-year-old man appeared in court Friday. Bond was set at $1 million.

A message seeking comment from defense attorney Michael Manley wasn’t immediately returned.

LaJoice worked at Clarkston Brandon Community Credit Union.  Undersheriff Michael McCabe says investigators “weren’t even aware of this” until LaJoice stepped forward.

The credit union says the accounts of more than 9,000 members are safe.

LaJoice owns a dance studio in Fenton and also develops commercial property.

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