LANSING, Mich.–Former Valley State Credit Union CEO Stanley Hayes has pleaded guilty to embezzling $710,000 from the credit union.
According to prosecutors, Hayes used the funds to pay personal expenses that included insurance, travel and property taxes. He also used the money to hide personal financial problems, according to authorities.
Hayes led the credit union from 2005 until being fired in 2016. Prosecutors said Hayes used electronic means to steal the money, although approximately $200,000 in cash was also stolen. According to authorities, Hayes made payments on defaulted loans and loans held by dead members in order to fool auditors.
Hayes pleaded guilty to 13 felonies and is scheduled to be sentenced on April 4.