Former Heartland Tri-State Bank CEO Sentenced to More Than 24 Years in Prison for $47 Million Cryptocurrency Scam
Former CEO of Heartland Tri-State Bank, Shan Hanes, has been sentenced to 293 months of federal imprisonment for his involvement in a $47 million cryptocurrency fraud case. Court documents show that Hanes executed 11 unauthorized wire transfers between May and July 2023, transferring $47.1 million of the bank's funds to a cryptocurrency wallet as part of a scheme known as the "Piggyback Plan," which involved luring unsuspecting investors into fraudulent digital asset investments. Special Agent Justin R. Bundy announced Hanes' sentencing for his involvement in the embezzlement scheme, which ultimately led to the collapse of Heartland Tri-State Bank.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Florida teens arrested in connection with a kidnapping and theft of $4M in crypto
Share link:In this post: Three Florida teens have been accused of kidnapping a man at gunpoint and forcing him to transfer $4 million worth of digital assets to them. The teens kidnapped the victim from Las Vegas and threatened to kill him and his father if he didn’t cooperate. Law enforcement agencies across the globe are now warning individuals with substantial crypto holdings to be cautious amid a rise in kidnappings.
UK icons slam AI ‘theft’ in fiery plea to Starmer before key vote
Share link:In this post: Over 400 UK artists urged PM, Keir Starmer, to strengthen copyright laws ahead of an AI legislation vote. UK government’s proposed “opt-out” rule for AI training on copyrighted content faces strong backlash. Hayao Miyazaki and others condemn AI-generated art, fueling copyright debates and legal challenges.
Americans have wiped out $3 trillion in savings in the past 3 years, mostly from stimulus checks
Share link:In this post: Americans have drained $3 trillion in savings since 2021, with excess savings now at negative $900 billion. The US savings rate dropped to 3.9% in March, below pre-pandemic levels of 5-6%. Consumer spending rose 0.7% in March, but GDP still shrank by 0.3% due to soaring imports.
Banking the unbanked, but this time for real?
Trending news
MoreCrypto prices
More
