St. Louis man pleads guilty to defrauding Sedalia bank
ST. LOUIS (AP) — A former suburban St. Louis banker has pleaded guilty to defrauding a Sedalia bank out of millions of dollars and using the money to try and save other investments.
Shaun Hayes pleaded guilty Wednesday to bank fraud and misapplication of bank funds exceeding $10 million. Sentencing is April 13.
Hayes and business partner Michael Litz were indicted in 2016, and accused of defrauding Excel Bank. Regulators closed the bank in 2012.
Litz is scheduled for trial January 22.
Hayes had a controlling interest at Excel Bank. He and Litz co-owned a limited liability corporation that sought to develop property in St. Louis County.
Hayes was accused of using his influence to have Excel Bank buy delinquent loans from the corporation, and an investment firm operated by Litz.