The former CEO of Valley State Credit Union will spend up to 20 years in prison for embezzling more than $700,000 dollars from the credit union.
State officials said Stanley Hayes was sentenced on 13 charges in Saginaw County Circuit Court. Hayes will also be required to repay the $710,000 he stole.
Investigators said the 45-year old Saginaw man used the money he embezzled to pay for his insurance, property taxes, travel and other personal expenses.
Michigan’s attorney general said the sentencing should be a reminder to others that not only will there be legal consequences for embezzlement, but financial ones as well.