Shaun Hayes, a failed banker from the St. Louis area, was sentenced Tuesday to five years and eight months in prison for bank fraud, and he was ordered to pay $5 million in restitution to the Federal Deposit Insurance Corp.
Prosecutors said Hayes was a “significant contributor” to the failure of three banks in 2011-2012 that cost the FDIC more than $160 million.
Prosecutors said shareholders in the bank also lost substantial sums of money, including employee shareholders who saw their retirement funds dry up.
Sun Security Bank was closed in October 2011. Excel and Truman Bank were closed in 2012.
Read more: St. Louis Post-Dispatch