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Former Kansas Bank CEO Sentenced to Over 24 Years in Prison for $47 Million Crypto Fraud! đ€ Shan Hanes, former CEO of Heartland Tri-State Bank, orchestrated a diabolical plan: he diverted millions of dollars to a crypto wallet, precipitating the bankâs bankruptcy. The verdict? 293 months behind bars. âïž
Between May and July 2023, Hanes made more than a dozen fraudulent wire transfers totaling $47 million, stolen from under the noses of the Federal Deposit Insurance Corporation (FDIC), leaving a $47.1 million slate. The monstrous scam led to the bankâs collapse and inflicted a $9 million loss on investors. đž
According to prosecutor Kate E. Brubacher, Hanes "betrayed his professional obligations" and this sentence is a strong response to those who abuse the trust placed in them. This case is a reminder of the dangers of the crypto world, where the anonymity of transactions attracts individuals eager for quick profits, often at the expense of others. It echoes the conviction of Reginald Fowler, former owner of the Minnesota Vikings, who was sentenced to six years in prison for running a "shadow bank" in the crypto sector in 2018, involving more than $700 million in unregulated transactions. đ„
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