Ex-banker Shaun Hayes pleaded guilty Wednesday in U.S. District Court to charges of defrauding a Sedalia bank of millions to bail out other investments.
Hayes, 58, of Frontenac, and Michael Litz, 63, of Ladue, were indicted in April 2016. They were accused of using Excel Bank funds to bail out failing investments before Excel Bank was shut down by regulators in 2012.
Hayes pleaded guilty in an agreement with federal prosecutors to one count of bank fraud and one count of misapplication of bank funds exceeding $10 million. Hayes had faced 10 total counts connected to the scheme.
His attorney could not be reached for comment after the hearing.
U.S. District Judge Audrey Fleissig accepted Hayes’ guilty plea. She is scheduled to sentence him on April 13. The maximum punishment for his crimes is 60 years in prison and a $2 million fine, plus restitution.
Read more: St. Louis Post-Dispatch