A Kansas Banking CEO is sentenced to 24 years in prison for his role in an embezzlement scheme.
53-year-old Shan Hanes of Elkhart was sentenced this week to 293 months in prison after pleading guilty to embezzling more than $47 million during his time as CEO of Heartland Tri-State Bank.
Prosecutors say Hanes transferred the funds via 11 wire transfers to crypto-currency accounts in a scam known as “pig butchering.” The embezzlement scheme that occurred between May and June 2023 caused the collapse of the bank and a loss of $9 million for investors. The Federal Deposit Insurance Corporation or FDIC absorbed the loss.
Agents from the FBI, the FDIC Office of the Inspector General, and the Federal Housing Finance Agency Office of the Inspector General conducted the investigation.
