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Former credit union CEO pleads guilty in embezzlement case

Posted at 9:16 AM, Feb 13, 2018

A Michigan man accused of embezzling more than $710,000 from a credit union during his time as its CEO has pleaded guilty in the case.

The office of Michigan Attorney General Bill Schuette (SHOO'-tee) says 45-year-old Stanley Hayes is awaiting sentencing April 4 after pleading guilty as charged Monday in 10th Circuit Court in Saginaw. He faced 13 felony counts, including nine counts of embezzlement.

The Valley State Credit Union in 2016 was declared in "unsafe and unsound condition" and placed into a conservatorship by state officials.

Hayes was CEO of the Saginaw Township financial institution from 2005 until he was fired in 2016. Prosecutors say Hayes used money embezzled from the credit union to pay for his insurance, property taxes, travel and other personal expenses.