Former Michigan CEO Admits Embezzlement

Stanley Hayes pleads guilty to stealing more than $700,000 from credit union over several years.

By Peter Strozniak | February 20, 2018 at 08:28 AM

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.

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