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bank fraud

Former Saginaw credit union CEO pleads guilty to 13 felonies

Feb 13, 2018
Saginaw County Sheriff's Office

The former CEO of Valley State Credit Union in Saginaw has pleaded guilty to 13 felonies. Stanley Hayes was charged after he stole $710,000 from the credit union.

The 45-year-old Hayes was the credit union's CEO from 2005 until he was fired in 2016. While he was CEO, credit union funds were used to conceal financial strain the bank was facing as well as personal expenses such as insurance and property taxes.

mug shot of michael lajoice
Oakland County Sheriff's Office

A former Oakland County credit union executive who embezzled millions of dollars will be sentenced in federal court Thursday.

Prosecutors say Michael LaJoice paid for a “luxurious home and expensive vehicles” by embezzling from Clarkston Brandon Credit Union, where he was the CFO. He allegedly skimmed more than $18 million over 12 years. LaJoice used the money to run a Latin dance studio in Fenton, among other things.

The Michigan Department of Education has called it the most serious federal criminal case involving a Michigan charter school since the state gave the green light to charter schools in 1994.

Traverse City optometrist Steven Ingersoll will go on trial tomorrow on seven criminal charges of bank fraud and tax evasion.

Education reporter Chastity Pratt Dawsey wrote an article for Bridge Magazine that explored the charges.