Former Michigan credit union CEO charged with embezzlement
Michigan authorities said Stanley Hayes, former CEO of the liquidated Valley State Credit Union, allegedly embezzled more than $710,000 from the Saginaw cooperative.
Michigan Attorney General Bill Schuette filed 13 felony charges against the 45-year-old Hayes on Friday.
Hayes allegedly used embezzled funds to pay defaulted loans, including loans held by dead persons to conceal the credit union’s financial troubles from auditors, according to Schuette.
In addition to stealing from the small credit union with only $19 million in assets, the former CEO was paid $142,864 in 2015, according to the credit union’s 990 financial document filed with the IRS. Valley State’s 990 document for 2016 was not publicly available.
continue reading »