Man who confessed to embezzling $20 million from a credit union working on resolution in case

Posted at 6:17 PM, Sep 12, 2016
and last updated 2016-09-12 18:17:08-04

Eight months ago, Michael Lajoice was on top of the world living in a mansion and starting up small businesses with millions of dollars in his pockets.

It turned out, it was all a sham. 

He confessed to embezzling $20 million from the Clarkston Brandon Credit Union where he worked as Chief Financial Officer. 

It could not recover from the losses and merged with the Michigan State University Credit Union to keep the door open and to keep members whole.

Deposits up to $250,000 are insured by the feds. Now, it is all being sorted out. He faces up to 20 years in prison charged in Oakland County. He's also facing federal charges and people including the credit union are trying to recover their losses.

His $4-million, 5000 square foot home is now empty. His wife and three kids evicted and it is being sold. 

A dance studio and other small businesses ventures up the road in Fenton have been sold.

Defense Attorney Michael Manley is trying to resolve all of the cases including liquidating the assets before his Oakland County case is set to go to trial in December.

Manley would not say why Lajoice did it. That is expected to be detailed to the two judges at sentencing. They will take into account how much Lajoice helped to sort it all out.