From bank manager to cryptocurrency scammer. Shan Hanes, the CEO of Heartland Tri-State Bank, has just been convicted of embezzlement. He allegedly caused the bank to lose tens of millions of dollars through a cryptocurrency scam.
A bank manager who embezzled his clients' funds
Shan Hanes pleaded guilty to the charges. Former bank manager allegedly embezzled more than $47 million from May to July 2023He funneled his victims' money into cryptocurrency wallets, promising huge returns on their investments.
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The “pig butchering” scam used a well-known method. It claimed to offer “investors” a golden opportunity. In reality, the money was collected by the bank manager. The millions embezzled led to the bank's bankruptcy, according to FBI agent Stephen Cyrus. :
“ This ultimately led to the bank's downfall. Its role, the bank's role, was to protect its customers and identify scams – not participate in them. »
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25 years in prison and millions gone
Beyond Heartland Tri-State Bank customers, Investors who had supported the bank lost more than $9 million in totalThe bank branch no longer exists today.
Prosecutor Kate Brubacher stressed the unexpected nature of the scam, Shan Hanes using all his legitimacy as a director of a commercial bank :
“Hane's greed was endless. […] Shan Hanes not only betrayed Heartland Bank and its investors, but his illegal actions also endangered trust in financial institutions. »
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Shan Hane was sentenced to nearly 25 years in prisonThe former bank director will also have to pay reparations, which will be set at a future hearing by the judge in charge of the case.
Source: US Attorney's Office
Image: Shan Hane via X
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3108 articles
