Tuesday, January 21

Ex-Kansas Bank CEO Sentenced to Over 24 Years for $47 Million Crypto Fraud

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previous was to 293 months in embezzling $47.1 in a that caused of Heartland Tri- Bank (HTSB).

Shan Hanes, 53, the previous of HTSB, to one count of embezzlement by a bank .

exposed that Hanes carried out 11 unapproved wire in between and , directing $47.1 countless the bank' to a cryptocurrency part of a plan referred to as “,” where unwary are enticed into deceptive .

Agent in R. Bundy revealed Hanes's for his in the $47.1 million embezzlement , which eventually resulted in the of Heartland Tri-State Bank.

The (), which guaranteed HTSB at the , taken in the , while the bank's financiers suffered a $9 million struck as the stopped working the of the scams.

The FDIC verified that the deceitful transfers were made to several cryptocurrency managed by unknown 3rd parties, the bank able to recuperate its funds.

A federal has actually purchased that for the be figured out at a different hearing within the next .

Condemn -Bank CEO's Role in Bank's Downfall

.S. E. Brubacher Hanes for his endless , mentioning that “he trespassed his , his , and . Not did Shan Hanes betray Heartland Bank and its financiers, however his plans likewise endangered in .”

In a comparable , Agent in Charge Stephen Cyrus stressed that Hanes, who was relied by the Elkhart , exploited his for individual through a -off that caused the bank's collapse. He included that Hanes's duty was to the bank and its , not to take part in scams.

Korey Brinkman, Special Agent-in-Charge of FHFA-OIG's Central , kept in that Hanes's made an of , triggering substantial to bank clients and adding to its failure.

Jon Ellwanger, another unique , included that the sentencing sends out a strong that such who jeopardize the of neighborhood banks with .

He revealed in the with federal that caused this result and thanked the Attorney's for making sure Hanes was for his .

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