Former Saginaw credit union CEO admits to stealing $710,000

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LANSING (WJRT) - (02-13-18) - Prosecutors say former Valley State Credit Union CEO Stanley Hayes has pleaded guilty to embezzling $710,000. The stolen money was reportedly used to pay for his personal expenses including insurance, property taxes, and travel.

Hayes was CEO of the credit union from 2005 until he was fired in 2016. Investigators say most of the embezzlements were done electronically. But almost $200,000 cash was also stolen from Hayes' teller drawer over time.

According to prosecutors, Hayes also used embezzled money to hide its financial problems. Payments were made on defaulted loans and loans held by dead people to look better to auditors.

Hayes pleaded guilty to 13 felonies. He's scheduled to be sentenced on April 4.

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