Ex-banker, developer accused of fraud

3 years 2 months 1 week ago Friday, April 15 2016 Apr 15, 2016 Friday, April 15, 2016 3:07:32 PM CDT April 15, 2016 in News
By: The Associated Press

ST. LOUIS (AP) — A St. Louis-area developer and a former banker are facing federal indictment for bank fraud and misapplication of bank funds connected with a bank that failed in 2012.

The indictments of 56-year-old Shaun Hayes of Frontenac and 61-year-old Michael Litz of Ladue were announced Friday. Hayes also was indicted for false entry in bank records.

Hayes bought a controlling stock interest in Excel Bank, based in Sedalia, Missouri, in 2007. The indictment alleges that the men defrauded the bank, inducing it to purchase loans in which Litz's company, Eighteen Investments, was delinquent.

The U.S. Attorney's office in St. Louis says the bank lost "millions" of dollars as a result of the fraud.

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