FENTON, Mich.--Michael LaJoice, the former CU CFO who allegedly stole more than $20 million, has been found competent to stand trial.
A psychologist with the state of Michigan’s Center for Forensic Psychiatry said LaJoice, the former CFO at Clarkston Brandon Community Credit Union, is fit to go to trial in February of 2017. LaJoice is currently being held in jail. A probable cause conference is scheduled for March 22.
As CUToday.info reported here, LaJoice, 36, allegedly walked into the Oakland County Sheriff’s Office and claimed to have embezzled $20 million over a 12-year period from the credit union. He faces 13 counts of embezzling more than $100,000 and one count of embezzling from a financial institution.
LaJoice, who was paid approximately $60,000, was the developer of a downtown project called Riverview for which he had paid $2.1 million to gain control of seven properties, was the owner of the Chasse Ballroom & Latin Dance Studio, and owned a home valued at $4 million.
Authorities said LaJoice stole the funds in $100,000 increments that were then put into personal accounts. Investigators said more than $800,000 in cash has been recovered from seven accounts and work continues to uncover any other funds.
The credit union has since been placed in conservatorship.