Former Saginaw credit union CEO charged with embezzling - WNEM TV 5

Former Saginaw credit union CEO charged with embezzling

Posted: Updated:
ADVERTISEMENT
Bookmark and Share
Source: Michigan Attorney General Source: Michigan Attorney General
SAGINAW, MI (WNEM) -

A former Saginaw-area credit union CEO is facing more than a dozen charges after authorities say he embezzled thousands of dollars for personal use. 

Stanley Hayes, 45, is facing 13 felony charges for allegedly stealing over $710,000 from Valley State Credit Union where he worked.

Michigan Attorney General Bill Schuette announced the charges Friday, June 9.

Investigators said from 2005 until his termination in 2016, Hayes allegedly used money embezzled from the bank to pay for his insurance, property taxes, travel and other personal expenses.

Money was also allegedly used to conceal the financial difficulties the credit union was facing. Investigators said Hayes used embezzled funds to pay defaulted loans and even pay on loans held by dead customers.

“Executives are given their position in good faith,” said Schuette. “Mr. Hayes’ alleged actions not only shattered this trust, but hurt hard working people in the process. When it comes to white collar crime, mark my word: justice will be served for Michigan victims.”

Hayes is charged with conducting a continuing criminal enterprise, two counts of embezzlement over $20,000, seven counts of embezzlement over $1,000, and three counts of using a computer to commit a crime.

His bond is set at $25,000 cash or surety. A preliminary exam is set for June 21. 

>>>Slideshow: Mid-Michigan mug shots<<<

Copyright 2017 WNEM (Meredith Corporation). All rights reserved. 

Powered by Frankly
WNEM
Powered by WorldNow CNN
All content © 2018, WNEM; Saginaw, MI. (A Meredith Corporation Station) . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.