Credit Union CFO to sheriff: "I embezzled $20 million"

- The Oakland County Sheriff's Office said a man walked into the Pontiac headquarters and admitted to embezzling $20 million over the past 12 years.

Michael Anthony LaJoice, 36, walked into the Oakland County Sheriff's Office Headquarters in Pontiac and made the statement on Wednesday.

LaJoice said that the $20 million was embezzled from the Clarkston/Brandon Credit Union in Independendence Township. He was the Chief Financial Officer at the credit union since 2003. However, prosecutors say they believe that number to be larger.

"His salary support the lifestyle this defendant has led. A review of his home in Fenton is that of the rich and famous. He has his own private movie theatre, various high end appliances, again does not support a chief financial officer," Prosecutor Robert Novy said.

Detectives spoke with representatives at the bank who helped confirm that what LaJoice had said was true. On Friday, the Oakland County Prosecutor charged LaJoice with 14 counts of embezzlement.

Each count carries 20 years in prison and/or a fine of up to $50,000 or 3 times the amount seized, whichever is higher.

His bond was set at $1 million and a GPS tether is required if he posts it.

The credit union or prosecutors will not comment at this time on who LaJoice embezzled money for years without any red flags. However, the prosecutors says more charges could be coming.

He's due back in court on January 20.

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