New charges filed by federal prosecutors Tuesday against formerCFO Michael A. LaJoice detailed how he carried out an $18.6 millionfraud scheme over 13 years at Clarkston Brandon Community CreditUnion in Clarkston, Mich.
A fraud expert who reviewed the court documents said LaJoice gotaway with it because there was no separation of duties at thecredit union and no independent verification of investment accountsLaJoice fictitiously created to conceal his fraud.
Federal prosecutors said LaJoice stole more than $2.5 million byissuing cashier's checks from various credit union accounts withoutauthorization. These checks were deposited in LaJoice's bankaccounts at Capital One Bank, Comerica Bank, Scottrade and the $2billion Genisys Credit Union in Auburn Hills, Mich.
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