(KTRS) – Former banker Shaun Hayes and developer Michael Litz were indicted for crimes, including bank fraud this week.
The Post-Dispatch reports that prosecutors say that after Hayes bought control of Excel Bank in 2007, he convinced the bank to purchase loans from Litz’s development company. The issue is that prosecutors say both men knew that many of the loans were delinquent.
By 2012, Excel Bank went belly up and closed. Federal officials say Hayes’ actions cost the bank millions of dollars.