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Former CFO of Mich. credit union pleads no contest to 14 state charges

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.