Former CEO Embezzles $47.1 Million from Bank for Crypto Purchases
CryptoNewsTerminal Staff24 May, 2024
Former CEO Embezzles $47.1 Million from Bank for Crypto Purchases
Heartland Bank CEO Pleads Guilty to Crypto Embezzlement: In a shocking revelation, Shan Hanes, the former CEO of Heartland Tri-State Bank, has admitted to embezzling $47.1 million to fund his personal cryptocurrency purchases. According to Bitcoin.com, Hanes made 10 wire transfers from the bank's accounts to himself between May and July last year. The embezzlement scheme has led to the seizure of the bank by the Kansas Banking Commission and its subsequent acquisition by Dream First Bank. Hanes faces a maximum sentence of 30 years in prison and is scheduled for sentencing on August 8. This case highlights the growing risks associated with cryptocurrency investments and the need for strong financial regulations.
