"All of the 9,400 Clarkston Brandon Community CU members should be assured that all of their deposits are protected and they will have continued, uninterrupted access to their funds," McPharlin said. "All Michigan state chartered credit unions are insured by the NCUA for up to $250,000 per depositor and sometimes more. Clarkston Brandon Community CU will continue regular hours under management of (the) NCUA."

LaJoice, 36, pleaded not guilty to 14 counts of embezzlement last week in Oakland County 52-2 District Court. His bond was set at $1 million. LaJoice was listed as an inmate on Wednesday afternoon, according to Oakland County Jail records.

Meanwhile, Michigan media outlets reported Wednesday that Michael P. Manley, a Flint, Mich.-based defense lawyer who is representing the former CFO, said he plans to ask a judge to have LaJoice undergo a competency evaluation based on his behavior when Manley was talking to him, according to the Livingston Daily Press and Argus, a newspaper in Howell.  

Manley said Monday that he is conducting his own investigation and was waiting to receive documents and other materials from the police and prosecutors.

On Jan. 4, LaJoice was questioned about discrepancies uncovered in an ongoing audit. LaJoice said the discrepancies were a mistake, left the office and never returned, according to the Oakland County Sherriff.

On Jan. 6, he walked into the Oakland County Sheriff's Office and told police investigators that he embezzled $20 million over 12 years from the credit union.

LaJoice allegedly admitted he embezzled the funds and concealed the theft through fake transactions and investments, according to police.

In a new prepared statement posted on the credit union's website Tuesday, it said Clarkston Brandon Community CU leaders were made aware of potentially serious accounting irregularities during a routine visit from the DIFS the week of Jan. 4.  

"After Michael LaJoice was confronted about the errors, he failed to show up for work the following day and was immediately terminated as chief financial officer, a position he held since June 2015," the statement read.

However, police reported LaJoice (pictured) was the credit union's CFO since 2003 and LaJoice's LinkedIn site also showed that he was named to this position in May 2003.

"We are appalled and dismayed by this news," the Clarkson Brandon Community CU statement continued. "Our first and foremost priority is expressing profound regret to our members and the community that this crime occurred and was not uncovered sooner. During the entirety of LaJoice's employment, Clarkston Brandon Community Credit Union has had regular examinations and audits that were conducted in accordance with the Michigan Credit Union Act."

Sheriff detectives used search warrants last week to confiscate a safe, computers and records from LaJoice's 5,800-square-foot home that was originally reported to be valued at $1.3 million.

"We determined he put at least $4.5 million into that house," Michael McCabe, undersheriff and chief deputy for the Oakland County Sheriff, said. "He paid cash for the whole thing. He told his wife he was doing really well in the stock market, and he told people at the credit union he had a big inheritance to explain the lifestyle he was living."

The house featured a nine-seat movie theater, three sets of washers and dryers, and other top-of-the line appliances, according to police.

Rob Novi, an assistant prosecutor for Oakland County, confirmed that investigators found seven accounts totaling $800,000 and that in his experience more accounts are likely to exist.

In addition, LaJoice founded LaJoice Properties LLC in April 2015. That company publicly announced plans in October to build a retail and residential project that local media reported was the biggest development project in the history of Fenton, Mich., which is located about 60 miles northwest of Detroit.

He has also been the owner of Chassé Ballroom and Latin Dance Studio in Fenton since June 2007, according to his LinkedIn page.

The Clarkston Brandon Community CU embezzlement case is the third major embezzlement incident that has occurred in Michigan over the last three years.

Kathryn Sue Simmerman, the former manager of the $17.2 million Shoreline Federal Credit Union in North Shore, was sentenced to six and a half years in federal prison by U.S. District Court Judge Robert Holmes Bell in Grand Rapids, Mich. Jan. 4. She was also ordered to pay restitution of $1.9 million, the amount she embezzled from the credit union over 17 years.

In addition, another major embezzlement case involved Sharon Broadway, a former president/CEO of the $300,000 United Catholic Credit Union in Monroe, who was sentenced in January 2013 to 20 years in prison for embezzling $2.1 million. She managed to conceal her crime for years through a complex money laundering scheme involving forged checks and multiple aliases.