Michael A. LaJoice, a former CFO who embezzled more than $18 million from a Michigan credit union, was sentenced to seven to 20 years Monday by an Oakland County circuit court judge.

The state’s sentence will reportedly run concurrently with LaJoice’s 11-year sentence ordered by a U.S. District Court judge in Detroit last month, according to the Associated Press.

LaJoice pleaded no contest to 14 state charges related the multimillion-dollar embezzlement of the $68.5 million Clarkston Brandon Community Credit Union, which led to its insolvency and consolidation last year with the $3.4 million Michigan State University Federal Credit Union in East Lansing.

LaJoice also was ordered to pay restitution of $18.6 million.

 

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