Michigan credit union ex-CFO shockingly confesses to embezzling $20 million

Man who confessed to embezzling $20 million from a credit union working on resolution in case. It could not recover from the losses and merged with the Michigan State University Credit Union to.

Just days after the former chief financial officer of a Michigan credit union walked into the local sheriff’s office and confessed to embezzling $20 million from his former employer, the credit union.

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Stanley Hayes, former president/CEO of the liquidated valley state Credit Union, is scheduled to be sentenced in April after he admitted to embezzling $710,000 from the Saginaw, Mich. cooperative.

SAGINAW, MI – Stanley Hayes, the former CEO of Valley State Credit Union, has pleaded guilty as charged to 13 felonies. Hayes, 45 of Saginaw, was charged after he stole $710,000 from the credit union. "In his position as CEO, this man was expected to act in good faith," said Michigan Attorney general bill schuette.

She said: “We’ve been living the American dream in reverse. a young union member struggling to make ends meet. He said: “Working the best job I’ve ever had in my whole life, I’m still a breath away.

The former credit union CFO who is a suspect in an embezzlement of as much as $20 million will undergo a mental competency hearing at Michigan’s Center for forensic psychiatry. michael A. LaJoice, 36, the former CFO at Clarkston Brandon Community Credit Union, is currently facing 14 counts of embezzlement totaling more than $100,000 between.

Ex-CFO accused of embezzling $20M from credit union. Investigators say Michael LaJoice took money over 12-year period from Oakland credit union.

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FENTON, Mich.–Michael LaJoice, the former CU CFO who allegedly stole more than $20 million, has been found competent to stand trial. A psychologist with the state of Michigan’s Center for Forensic Psychiatry said LaJoice, the former CFO at Clarkston Brandon Community Credit Union, is fit to go to trial in February of 2017.

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Just days after the former chief financial officer of a Michigan credit union walked into the local sheriff’s office and confessed to embezzling $20 million from his former employer, the credit union.

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