Shan Hanes, driven by greed, embezzled $47 million under the false belief he would profit from a cryptocurrency scam, leading to the collapse of Heartland Tri-State Bank.
Hanes directed bank employees to transfer millions into a dubious crypto wallet linked to a so-called 'pig butchering' scheme, illustrating the pervasive risks of cryptocurrency fraud that prey on individuals.
Despite his actions costing the FDIC over $47 million and devastating local investors, Hanes remained convinced that sending more money would unlock potential returns from his failed crypto investments.
Hanes abused his position as a former bank CEO to orchestrate this scheme, which ultimately resulted in the catastrophic loss of savings for many bank customers.
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