Former Bank CEO Sentenced to 24 Years for Crypto Embezzlement

Shan Hanes' fraudulent actions led to the collapse of Heartland Tri-State Bank, causing substantial losses for investors and the FDIC.

Shan Hanes embezzled $47.1 million from Heartland Tri-State Bank through illegal wire transfers to a cryptocurrency wallet.
The bank's insolvency resulted in a $54.2 million hit to the FDIC's Deposit Insurance Fund and $9 million in losses for shareholders.
Hanes pleaded guilty to one count of embezzlement by a bank officer and faced a maximum of 30 years in prison.
The fraudulent scheme, known as 'pig butchering,' involved manipulating victims into investing in fake crypto schemes.
Federal authorities emphasized that Hanes' actions severely undermined trust in financial institutions.