Former Saginaw credit union CEO pleads guilty to embezzling - WNEM TV 5

Former Saginaw credit union CEO pleads guilty to embezzling

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Source: Michigan Attorney General Source: Michigan Attorney General

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

Stanley Hayes, 45, was charged in June 2017 after stealing over $710,000 from Valley State Credit Union where he worked. He was facing the following charges:

Count 1-Continuing Criminal Enterprise (Racketeering), a 20 year felony

Count 2 and 3-Embezzlement by an agent over $20,000-$50,000, a 15 year felony

Count 4-10-Embezzlement by an agent over $1,000-$20,000, a 5 year felony

Count 11-13- Using a computer to commit a crime, a 20 year felony

Hayed pleaded guilty on Monday, Feb. 12.

“In his position as CEO, this man was expected to act in good faith,” said Attorney General Bill Schuette. “Instead he used his position to help pay his personal expenses. This man’s actions not only broke the trust given to him but also broke the law and now he is facing the consequences.”

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

Money also concealed 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.

Hayes’ sentencing is scheduled for April 4.

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