Overview

• Shan Hanes, former CEO of Heartland Tri-State Bank, was sentenced for embezzling $47.1 million in a crypto scam.
• The scam, known as 'pig butchering,' involved convincing Hanes to make multiple wire transfers to unlock fake returns.
• Hanes also stole from local organizations and his daughter's college fund to cover the scam's demands.
• The bank's failure resulted in a $47 million loss for the FDIC and severe financial damage to investors.
• Pig butchering scams have caused global losses of over $75 billion, often involving complex criminal operations.