He fell for a cryptocurrency scam and stole $47 million from his clients. Now he's going to jail.
Shan Hanes needed money to get higher cryptocurrency "rewards"
He stole money from all kinds of accounts, such as pension funds and investment accounts.
Until recently, Shan Hanes seemed to lead a normal life. The American in his early 50s was a respected figure in the Kansas banking world. He headed Heartland Tri-State Bank and had once been a member of the American Bankers Association. But at some point his life went into decline.
As CNBC reports, at some point in the past few years he fell for a cryptocurrency scam known as âpig butchery.â Scammers convince the victim that they will receive extraordinary profits by investing in cryptocurrencies, and force them to increase the risk. Until at some point they disappear with the money.
Scam, ambition and condemnation
Hanes began by âinvestingâ his personal funds. Apparently blinded by the scam, he found himself in need of more money to âunlock greater rewards.â The next step was to use the money that was intended for his daughterâs college education and that was a point of no return where he only went for more money.
As CEO of a bank, he used his power within the organization to make illicit transfers, reaching into pension funds and various investment accounts. By 2023, he was transferring tens of millions of dollars into the scammers' accounts without seeing any profit - it was a scam after all.
Shan Hanes stole $47 million from the bank.
The apparent combination of ambition and desperation led Hanes to ask an acquaintance who had recently overcome cancer to borrow $12 million on his behalf. In exchange for this favor, he would give him $1 million. Ultimately, Hanes' activity led to an investigation that ended up, literally, convicting him.
After months of investigations involving the FBI and other agencies, Hanes has just been sentenced to 293 months in prison (24 years) for stealing $47 million. âHanesâ greed knew no bounds. He violated his professional obligations, his personal relationships and federal law,â said U.S. Attorney Kate E. Brubacher.
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