Former Clarkston Brandon Community Credit Union CFO Michael LaJoice on March 27 pleaded no contest in Oakland Circuit Court to 14 state charges of $1.9 million in theft from the Clarkston, Mich.-based credit union, The Detroit News reported the same day.
Judge Cheryl Matthew accepted the plea, which LaJoice made in exchange for a minimum prison sentence of seven years, according to the news story. LaJoice is set to be sentenced May 1.
The term of LaJoice — who had earlier been sentenced in U.S. District Court to 11 years in federal prison for embezzling $18.6 million from the credit union — will run concurrently with his federal imprisonment.
The credit union was placed into conservatorship in January 2016 over unsafe and unsound practices. It eventually merged into East Lansing, Mich.-based Michigan State University Federal Credit Union in March 2016.