A former CFO pleaded guilty to an $18 million fraud scheme at the failed Clarkston Brandon Community Credit Union in Clarkston, Mich.
Michael A. LaJoice, 37, initially entered a not guilty plea in U.S. District Court in Detroit Thursday, but later changed his pleas to guilty, according to federal court documents.
During the plea hearing, LaJoice agreed to remain in custody at the Oakland County Jail where he has been since Jan. 6. On that date, he shocked police investigators after he walked into the Oakland County Sheriff's Office and admitted that he embezzled millions of dollars over several years from the credit union.
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