Hanes embezzled $47.1 million from Heartland Tri-State Bank, which he used to invest in a pig butchering scam leading to the bank's collapse and his 24-year sentence.
Pig butchering scams have surged recently, costing victims over $75 billion globally, showing the alarming rise in such fraudulent schemes.
Hanes set up 11 wire transfers from stolen funds in a short period and also embezzled money from a church and family accounts.
US Attorney Brubacher condemned Hanes, stating his greed undermined trust in financial institutions, highlighting the serious implications of his actions on broader financial stability.
[
Collection
]
[
|
...
]