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A former Kansas bank executive was sentenced to 293 months in federal prison for embezzling $47.1 million in a cryptocurrency fraud scheme that led to the collapse of Heartland Tri-State Bank .that Hanes executed 11 unauthorized wire transfers between May and July 2023, directing $47.1 million of the bank’s funds to a cryptocurrency wallet as part of a scheme known as “pig butchering,” where unsuspecting investors are lured into fraudulent digital asset investments.
A federal judge has ordered that restitution for the victims be determined at a separate hearing within the next 90 days.U.S. Attorney Kate E. Brubacher condemned Hanes for his limitless greed, stating that “he trespassed his professional obligations, his personal relationships, and federal law. Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions.
Korey Brinkman, Special Agent-in-Charge of FHFA-OIG’s Central Region, noted that Hanes’s actions constituted a severe breach of trust, causing significant losses to bank customers and contributing to its downfall.
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