Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from the Elkhart-based bank to cryptocurrency accounts. The bank’s failure resulted in a total loss of equity for investors. The Kansas Banking Commission seized the bank, which was later acquired by Dream First Bank. Hanes, described as a “liar and a master manipulator” by U.S. Attorney Kate E. Brubacher, faces up to 30 years in prison. His sentencing is scheduled for Aug. 8, 2024.
Former Bank CEO Pleads Guilty to Embezzling $47M to Buy Crypto, Leading to Bank Collapse
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