Shaun Hayes, whose meteoric career in Missouri banking crashed when he was banned from the profession, was sentenced Tuesday to 68 months in prison on bank fraud charges, to be followed by five years' probation.
Hayes said at the hearing that he fully acknowledge his wrongful conduct, which hurt many people. "I cannot adequately express my remorse," he said.
Judge Audrey Fleissig, who imposed the sentence, told Hayes he abused significant positions of trust.
"To whom much is given much is expected," Fleissig said. "I believe you have begun to see the light and accept the gravity of the conduct for which you have engaged."
Hayes was ordered to pay restitution of $5 million.
Prosecutors alleged in April 2016 that Hayes made fraudulent loans through Excel Bank, a company he controlled. The feds said the loans benefited an entity Hayes co-owned with partner Michael Litz.
In a sentencing memorandum, prosecutors said Hayes got payments from Excel totaling $1.8 million. They also said his actions caused Excel Bank's employee stock ownership plan to tank, causing financial and emotional pain for the company's employees. One, whose name was redacted, said, "We will never regain what we have lost. Not only did we lose monetarily, but I lost faith and trust in the system. I feel personally betrayed by Shaun Hayes."
