Former Michigan CEO admits embezzlement

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first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Stanley Hayes, former president/CEO of the liquidated Valley State Credit Union, is scheduled to be sentenced in April after he admitted to embezzling $710,000 from the Saginaw, Mich. cooperative.Michigan Attorney General Bill Schuette said Hayes pleaded guilty in a state court last week to 13 felonies, which included embezzlement, computer crime and racketeering.Hayes, 45, was CEO of VSCU 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.last_img

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