Shan Hanes, former CEO of Heartland Tri-State Bank in Kansas, has been sentenced to 24 years in prison for embezzling $47 million in a crypto fraud scheme. Hanes, who led the bank’s collapse, orchestrated a “pig butchering” scam, executing over a dozen wire transfers from the bank to a crypto wallet between May and July 2023.
The scheme led to the bank’s downfall and a $9 million loss for investors.
U.S. Attorney Kate E. Brubacher criticized Hanes’s breach of trust, while FBI Special Agent Stephen Cyrus highlighted the CEO’s attempt to get rich quick, which resulted in severe repercussions for the community and investors. The FDIC insured the bank and covered the loss.