Former Heartland Tri-State Bank CEO Shan Hanes was duped by scammers in a “pig butchering” scheme, federal prosecutors said.
The ex-CEO of a small Kansas bank was sentenced to more than 24 years for stealing a whopping $47 million – and he never saw a profit, according to court documents.
On Monday, US District Judge John Broomes sentenced Hanes to 24 years – 29 months longer than what prosecutors requested after he pleaded guilty to a single count of embezzlement by a bank officer in May, according to the report. Though not a bank shareholder himself, Mitchell had belonged to the investment club pilfered by Hanes.
He took $60,000 out of his daughter’s college account and about $1 million in stock from the Elkhart Financial Corporation, his lawyer said.In May 2023, he made a wire transfer of $5,000 from Heartland Tri-State Bank to accounts the scammers controlled, according to the report. Mitchell asked why Hanes needed the money, so Hanes “pulls out his phone and acts like he’s logging in and he shows me this account that has $40 million, $42 million,” Mitchell told CNBC. Hanes said he had talked to a banker in Denver named “Jim” and “another guy in Oklahoma” who had cashed out big after investing in crypto held in Coinbase accounts, Mitchell said.“I stopped him and said, ‘Is this bank money you’re playing with?’ And he said, ‘No, Brian.
Banks Embezzling Kansas Schemes
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