A Kansas man, Shan Hanes, was sentenced to 24 years in prison for embezzling $47.1 million while serving as the CEO of Heartland Tri-State Bank.
Hanes fell victim to a pig butchering scam, where scammers convinced him to purchase cryptocurrency, promising huge returns that never materialized.
According to NBC News, Hanes funneled the bank’s money into scammers’ crypto accounts, ultimately leading to the bank’s collapse. The scam, which has become more common in recent years, typically involves a scammer building a relationship with the victim—often through messaging apps, dating services, or social media—before persuading them to invest in crypto.
Between May and June 2023, Hanes made 11 wire transfers using stolen funds from the bank, as well as from a local church, an investment club, and even his daughter’s college savings account. Heartland Tri-State Bank, which was insured by the FDIC, became one of the five banks to close in 2023 as a result of this scheme.
US Attorney Kate E. Brubacher commented on the case, stating, “Hanes’ greed knew no bounds. He violated his professional duties, personal relationships, and federal law. His actions not only betrayed Heartland Bank and its investors but also undermined trust in financial institutions.”
