Ex-Bank CEO Sentenced to 24 Years for $47M Crypto Scam

Shan Hanes embezzled millions from Heartland Tri-State Bank, leading to its collapse and significant investor losses.

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.