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Former credt union embezzling CEO sentanced for 20 years

Flickr user Brian Turner

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.