After being placed into conservatorship Jan. 13 by state regulators, the news grew worse for the $68 million Clarkston Brandon Community Credit Union.

Officials from a local township government transferred more than $1 million of taxpayer funds from three accounts at the Clarkston, Mich.-based cooperative because of their concerns over the alleged $20 million embezzlement by former CFO Michael Anthony LaJoice.

LaJoice remained in Oakland County Jail in Pontiac, Mich. pending court hearings on Jan. 20 and Jan. 26. His bond was set at $1 million after he pleaded not guilty to 14 counts of embezzlement Jan. 8 in Oakland County 52-2 District Court.

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