SAGINAW, Mich. — Authorities say a former chief executive of a Michigan credit union has been charged with stealing more than $710,000 from the financial institution.
Attorney General Bill Schuette (SHOO’-tee) announced Friday that 45-year-old Stanley Hayes of Saginaw faces 13 felony charges, including conducting a criminal enterprise, multiple counts of embezzlement and charge of using a computer to commit a crime.
He was arraigned Friday in 70th District Court and is due back in court later this month. The court said he didn’t yet have a lawyer on record.
Hayes was CEO of Valley State Credit Union from 2005 until 2016. Schuette’s office says he used money embezzled from the bank to pay for his insurance, property taxes, travel and other personal expenses. Authorities say the theft included nearly $200,000 cash.