Former credit union CEO facing 20 years in prison
Stanley Hayes will serve up to 20 years in state prison.
Michigan judge last week sentenced former Valley State Credit Union President/CEO Stanley Hayes to serve up to 20 years in prison for embezzling $710,000.
He pleaded guilty in a state court in February to 13 felonies, which included embezzlement, computer crime and racketeering.
Judge Andre Borello in Saginaw County Circuit Court also ordered Hayes to pay $709,000 in restitution and $1,014 in state costs and fees.
Hayes, 45, was CEO of VSCU in Saginaw from 2005 until he was fired in 2016.
In order to make the financial position of VSCU appear better than it was to auditors, Hayes used embezzled funds to pay loans, including loans held by dead persons. Most of the money was siphoned from the credit union via computer transactions, but nearly $200,000 in cash was taken from Hayes’ teller drawer over several years, according to state prosecutors.
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