SAGINAW TOWNSHIP, Mich.–The former CEO of the now-defunct Valley State Credit Union has been charged with stealing more than $700,000 from the credit union.
Michigan Attorney General Bill Schuette announced Stanley Hayes, 45, has been charged with 13 felonies, including conducting a criminal enterprise, multiple counts of embezzlement and charge of using a computer to commit a crime.
Valley State CU was conserved by the Michigan Department of Insurance and Financial Institutions and merged into Elga Credit Union in March of this year.
Hayes, who is due back in court later this month, was CEO of Valley State Credit Union from 2005 until 2016. According to Schuette, Hayes allegedly used the stolen money to pay for insurance, property taxes, travel and other personal expenses. Altogether, Hayes allegedly took $710,000, including nearly $200,000 in cash, according to authorities.