Kansas bank CEO "invests" bank's money in crypto, gets 24 years in prison

Pekelo

Pekelo

Hey, it can only go up, right? Assuming you are not sending your cash to scammers, like this dude did...

He was his own bank, for sure. :)

https://www.nbcnews.com/business/bu...recks-kansas-bank-sends-ex-ceo-pri-rcna167642

"The former CEO of a small Kansas bank was sentenced to more than 24 years in prison for looting the bank of $47 million — which he sent to cryptocurrency wallets controlled by scammers who had duped him in a “pig butchering” scheme that appealed to his greed, federal prosecutors said.

The massive embezzlement by ex-CEO Shan Hanes in a series of wire transfers over just eight weeks last year led to the collapse and FDIC takeover of Heartland Tri-State Bank in Elkhart, one of only five U.S. banks that failed in 2023.


Hanes, 53, also swindled funds from a local church and investment club — and a daughter’s college savings account — to transfer money, purportedly to buy cryptocurrency as the scammers insisted they needed more funds to unlock the supposed returns on his investments,"
 
How is it even possible that a ceo of a bank got caught up in this. I'm finding this really really hard to believe.
 
S2007S said:
How is it even possible that a ceo of a bank got caught up in this. I'm finding this really really hard to believe.
More...

What's hard to believe about it, there are immoral and/or dumb CEOs out there.

Once you're on the hook, this kind of scheme by intent spirals out of control and rapidly goes from (relatively) small to big. You don't back out from things you started, right. It's a bit like not cutting that small loss in trading and opposite to the ordinary person's psychology. Besides he would still have the jail risk on once he was in stolen money territory and was probably desperately wishing the "investments" were real.
 
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I'm finding this really really hard to believe.
More...

I used to think it would be hard to believe that in modern day UK, if you are the right skin-color, AND are a member of the right religion (which shall not be named), you can still commit a felony like assaulting police officers.

Even if it's a female police officer and you literally break her nose right all on camera, this is FINE.... no arrest.

But posting an image of the UK flag on your social media account, immediately gets you arrested by the Metropolitan Word Police with a 3-year prison sentence.

And even more hard to believe but true, the UK government now claims they will extradite Americans for micro-aggressions posted on Twitter.

2-Tier Keir...
 
The_Krakenite said:
I used to think it would be hard to believe that in modern day UK, if you are the right skin-color, AND are a member of the right religion (which shall not be named), you can still commit a felony like assaulting police officers.

Even if it's a female police officer and you literally break her nose right all on camera, this is FINE.... no arrest.

But posting an image of the UK flag on your social media account, immediately gets you arrested by the Metropolitan Word Police with a 3-year prison sentence.

And even more hard to believe but true, the UK government now claims they will extradite Americans for micro-aggressions posted on Twitter.

2-Tier Keir...
More...

take some meds.
 
Snuskpelle said:
What's hard to believe about it, there are immoral and/or dumb CEOs out there.

Once you're on the hook, this kind of scheme by intent spirals out of control and rapidly goes from (relatively) small to big. You don't back out from things you started, right. It's a bit like not cutting that small loss in trading and opposite to the ordinary person's psychology. Besides he would still have the jail risk on once he was in stolen money territory and was probably desperately wishing the "investments" were real.
More...

im sure many say “woah” and stop. You don’t hear about them because they get away with it.

to steal from a commercial bank is crazy. Massive paper trail and regulators. What was he thinking?
 
Funny thing is, had he bought BTC and got lucky with the timing, he would have doubled, tripled the money, without any scamming middle man.
 
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