CEO confesses to sending bank’s $47M to his own crypto wallet

Last year in the US, the person who used his power in the bank where he was the former CEO to transfer $47 million to crypto wallets and was found to have embezzled it confessed to his crime. After the transfers, the Kansas-based bank went bankrupt.

CEO confesses to sending bank’s $47M to his own crypto wallet

Shan Hanes, the former CEO of Heartland Tri-State Bank in the US state of Kansas, embezzled $47 million from the bank between May and July 2023.

Despite being the bank’s former CEO, Hanes, who used his power within the organization and made the transfers with the help of an employee, sent the funds to crypto wallets controlled by other third parties. The people said to control the wallets have still not been identified.

CEO could face 30 years in prison

Hanes, who pleaded guilty at last week’s hearing, will be sentenced on August 8. The prosecution is seeking up to 30 years in prison for the CEO. Speaking on the matter, court prosecutor Kate Brubacher said, “Hanes is a manipulator and a thief who caused the bankruptcy of Heartland Bank. He is a liar. Even as he stole 10s of millions of dollars, he tried to make it look like the bank’s losses didn’t exist, and he schemed to do so.”

It will be recalled that embezzlement was among the charges against FTX’s former CEO Sam Bankman-Fried, who was sentenced to 25 years in prison in March. SBF was found guilty on a total of seven counts, including fraud and money laundering.

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