Embezzlement Said to Total Over $20 Million
Michael Anthony LaJoice, the Fenton businessman who owns Chasse Ballroom and Latin Dance Studio and LaJoice Properties LLC, is being charged with embezzlement. According to his defense attorney, LaJoice recently decided to turn himself in to police. However, the reason for this sudden attack of conscience has not been revealed.
LaJoice, in addition to his other business ventures, was also the mastermind behind a $31 million building project that was scheduled to begin by next month. The project was going to include a restaurant, 53 condominiums, a fresh market, parking garage and retail space for other businesses. The embezzlements, however, were from accounts at a local credit union.
According to the defense attorney, his client was booked into the Oakland County Jail on Wednesday, January 6th. It is on that same day, that LaJoice is alleged to have made a confession to police that he was guilty of stealing more than $20 million from the Clarkston Brandon Community Credit Union, where he had worked for twelve years as the chief financial officer.
At LaJoice’s most recent court hearing, investigators provided testimony about substantial withdrawals that LaJoice is said to have made. These came from business accounts at the Credit Union, and the funds were put into his own personal accounts.
In addition, Oakland County Assistant Prosecutor Robert Hovy expounded on the wealthy lifestyle that LaJoice enjoyed, which far surpassed what his salary could support. As examples, he cited the defendant’s home. It includes a home theatre and high end appliances.
The prosecutor requested that bail be set at $20 million, claiming that LaJoice is a flight risk. But Magistrate Daniel Schouman in Clarkston District Court refused, and set the bail at $1 million. He did however, insist that if LaJoice is released on bail, he be subjected to electronic monitoring.
It was pointed out in court that someone had made a $40,000 cash withdrawal from one of LaJoice’s personal bank accounts after the defendant was taken into custody. But this information did not affect the magistrate’s decision regarding bail.
LaJoice has thus far been arraigned on 14 embezzlement related charges, however police are still investigating, and additional charges may follow.