Federal Sentencing Set Tuesday For Admitted Livingston County Embezzler
March 13, 2017
Sentencing is set Tuesday in federal court for a former Fenton businessman accused of embezzling millions of dollars from a credit union.
38-year-old Michael LaJoice of Tyrone Township pleaded guilty in November in U.S. District Court in Detroit to charges of bank fraud for embezzling millions of dollars from a Clarkston credit union. A memorandum from federal prosecutors recommends a sentence of 11 years in prison, which is in line with a plea deal that will also require five years of parole once his sentence is served as well as restitution of up to $17.7 million. However, a motion by his attorneys has requested a downward departure in sentencing that would only jail him for five years. That motion points out that since LaJoice turned himself in to authorities, he has completely cooperated to reveal the full extent of his crimes and to repay the stolen money, including selling off properties including his $1.3 million dollar home in the northeast corner of Tyrone Township and more than $1.1 million in properties he owned in the Fenton area.
The federal bank fraud charges came after Oakland County authorities charged LaJoice with 14 counts of embezzlement for stealing millions of dollars while serving as the chief financial officer for the Clarkston Brandon Community Credit Union. A pretrial hearing in that case is set for March 27th. (JK)