700 thousand dollars were allegedly embezzled from a Saginaw area credit union.
Charges were filed on June 9th against the former CEO of the credit union - and included 13 different counts of embezzlement.
Stanley Hayes could face up to twenty years in prison for embezzling from the credit union over the course of his time as CEO, between 2005 and 2016.
Megan Hawthorne is with the office of the Attorney General, which filed the charges. She said an investigation into the credit union revealed serious problems.
“He allegedly made transactions to make the credit union seem like it was performing better than it was. So after this Mr Hayes was fired because he was alleged to be directly responsible for these financial irregularities.”
Hawthorne said most of the embezzlement occurred through a computer - with 200 thousand being pulled directly from his teller drawer.
“He was charged with conducting a continuing criminal enterprise, two counts of embezzlement over 20-thousand dollars, 7 counts of embezzlement over one thousand dollars, and 3 counts of using a computer to commit a crime.”
Hawthorne said Hayes was using the embezzled money to pay for personal travel, property taxes, and insurance.
She said a preliminary exam conference for the case will be held on June 21st.