Stunning: Former US Bank CEO Shan Hanes Jailed For Stealing $47 Million In Crypto Scam Exposed

For stealing $47 million in a BTC crypto scam, a former US bank CEO Shan Hanes was given a term of more than 24 years in federal prison.

The former CEO of Heartland Tri-State Bank, Shan Hanes reportedly fell for a “pig butchering” scheme that had him buy cryptocurrency “to unlock the supposed returns on his investments,” which he never received.

Heartland Tri-State Bank in Elkhart, one of just five US banks to fail in 2023, collapsed and was taken over by the Federal Deposit Insurance Corporation (FDIC) as a result of a sequence of wire transfers that the 53-year-old masterminded over the course of just eight weeks last year.

Pig butchering scams have become frequently common in recent years. Scams involving the butchering of pigs have increased in frequency in recent years.

Typically, this fraud involves the scammer locating and getting in touch with the victim via social media, messaging apps, or dating apps.

After that, they make an effort to get to know their prey before eventually tricking them into making a number of cryptocurrency investments.

Hanes’ Downfall and Sentencing For Crypto Scam

The scam targeted Hanes in late 2022 through WhatsApp, prompting him to embezzle funds from various sources, including a local church, an investment club, and his daughter’s college savings.

Hanes started transferring money from Heartland Tri-State Bank to accounts under the scammers’ control by May 2023. Hanes was eventually fired, and the bank collapsed. But as a result of the swindle, the 53-year-old lost every penny he stole and never made a profit.

Last week, US District Judge John Broomes sentenced Mr Hanes to 24 years in prison – 29 months more than what prosecutors requested after he pleaded guilty in May to a single count of embezzlement by a bank officer.

“Hanes’ greed knew no bounds,” US Attorney Kate E. Brubacher said in a statement. “He trespassed his professional obligations, his personal relationships, and federal law. Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions,” the attorney added. Separately, Brian Mitchell, Mr Hanes’ longtime next-door neighbor, called the ex-CEO’s actions “pure evil” during the sentencing. He also said that during the sentencing Mr Hanes’ showed little remorse for his actions.

The site claims that Mr. Hanes started stealing in late 2022 after becoming a target of a pig-butchering plot. After talking with the scammers on WhatsApp—whose names are still a mystery—he began initiating the wire transfers.

He first purchased cryptocurrency with his own money, but at the beginning of 2023, he stole $10,000 from the Santa Fe Investment Club and $40,000 from Elkhart Church of Christ. He then utilized roughly $1 million in Elkhart Financial Corporation stock and $60,000 that had been misappropriated from a daughter’s college fund. He then started sending money from Heartland Tri-State Bank to accounts held by con artists in May 2023.

Eventually, Mr Hanes was fired, and the bank was shattered and taken over by the FDIC. the 53-year-old was charged last February and placed under house arrest until his sentencing last week.