Just one week after Michael Anthony LaJoice, the former CFO of the $68 million Clarkston Brandon Community Credit Union, admitted to embezzling $20 million, the Clarkston, Mich.-based cooperative was placed into conservatorship by the Michigan Department of Insurance and Financial Services.
DIFS Director Patrick M. McPharlin issued an order that placed Clarkston Brandon Community CU into conservatorship Wednesday and appointed the NCUA as the conservator effective immediately, according to a prepared statement released by the agency.
As the appointed conservator, the NCUA will assume control of Clarkston Brandon Community CU to ensure its financial stability and safe and sound operation. The DIFS and the NCUA will work together to address issues related to the credit union's operations and financial condition while maintaining member services, according to the statement.
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