Bank CEO Caught in Cryptocurrency Scam, Stealing $47 Million From Clients, Now Heads to Jail

Until recently, Shan Hanes seemed to be leading a normal life. The American, in his early 50s, was a respected figure in the Kansas banking scene. He headed Heartland Bank of the Tri-State and he was a former member of the American Bankers Association. But at some point his life began to decline.

At some point in recent years, he fell into a cryptocurrency scam known as a “pig slaughter,” according to CNBC. The scammers convince victims that they will make extraordinary profits by investing in cryptocurrencies, and force them to take more risks. Until one day, they disappear with the money.

Fraud, ambition and condemnation

Haynes began by “investing” his own funds. Apparently blinded by the fraud, he found himself in need of more money to “Unlock Great Rewards“The next step was to use the money intended for her daughter’s education at university, and this was the point of no return, after which she only went for more money.

As the CEO of the bank, he used his power in the organization to make illegal transfers, reaching pension funds and various investment accounts. In 2023, he transferred tens of millions of dollars to fraudsters’ accounts without seeing any profit, because it was a scam.

A supposed combination of ambition and desperation led Haynes to ask a man he knew who had just beaten cancer for a loan. 12 million dollars in his name. For this service I would give you $1 million. Hanes’ activities eventually led to an investigation that literally condemned him.

After months of investigations involving the FBI and other agencies, Haynes was just sentenced to 293 months in prison (24 years) for stealing $47 million. “Haynes’ greed knew no bounds. He violated his professional obligations, his personal relationships, and federal law,” said U.S. Attorney Kate E. Brubacher.

Images | Yanalya | freepic

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