DeFi

Felix

Planet

<div class="intro-text">
 The former CEO of the now-defunct Kansas-based Heartland Tri-State Bank, Shan Hanes, has been<a href="https://www.justice.gov/usao-ks/pr/former-ceo-failed-bank-sentenced-prison" rel="noopener noreferrer nofollow"> sentenced</a> to 24 years in prison for his role in a large-scale cryptocurrency fraud scheme.
</div>
Hanes, who hails from Elkhart, Kansas, pleaded guilty to one count of embezzlement, admitting to misappropriating tens of millions of dollars in cryptocurrency.
According to the U.S. Attorney’s Office for the District of Kansas, Hanes used his position at the bank to orchestrate the fraud, which involved creating 11 wire transfers of the bank’s funds between May and July 2023. The total amount embezzled reached $47.1 million and was allegedly transferred to several cryptocurrency wallets controlled by unidentified third parties.
Hanes’s crypto fraud scheme was described as a form of “pig butchering,” a deceptive practice in which victims are manipulated into making large financial transfers. This scheme ultimately led to the collapse of Heartland Tri-State Bank, causing a total loss of equity for its investors.
U.S. Attorney Kate E. Brubacher emphasised that the 24-year sentence serves as “a measure of justice for the victims.” She also highlighted that the ruling underscores the U.S. Department of Justice’s commitment to holding individuals accountable when they exploit positions of trust for personal gain.
In line with recent<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/crypto-crook-convicted-florida-man-sentenced-for-orchestrating-violent-home-invasions-to-steal-digital-assets/" rel="noopener noreferrer nofollow"> crackdowns</a> on crypto-related crimes, a federal jury in Greensboro, North Carolina, has convicted 24-year-old Remy St. Felix of West Palm Beach, Florida, for leading violent home invasions aimed at stealing victims’ cryptocurrency. St. Felix was found guilty of nine charges, including conspiracy, kidnapping, robbery, and wire fraud after a trial revealed his role in an international scheme targeting U.S. citizens’ digital assets.
U.S. Attorney Sandra J. Hairston condemned St. Felix and his co-conspirators, stating, “The victims suffered a terrible ordeal that no one should have to endure,” as she emphasised the callousness and greed behind their actions.
&nbsp;
If you would like to read more market analysis articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, and <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/08/ex-bank-ceo-sentenced-to-24-years-for-47m-crypto-fraud-and-embezzlement-scheme/" rel="noopener noreferrer nofollow">Ex-Bank CEO Sentenced to 24 Years for $47M Crypto Fraud and Embezzlement Scheme</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Ex-Bank CEO Sentenced to 24 Years for $47M Crypto Fraud and Embezzlement Scheme

DeFi Planet

Other articles published on Aug 20, 2024

BNB Price Surges as Open Interest Grows

Bank Of Ghana Unveils Proposed Virtual Asset Regulations

Weekly Article Recap: 8/12-8/16

PEXX Announces Strategic Acquisition of Chain Debrief

Flipster Announces Collaboration with Tether

Bitwise Enters Europe with ETC Group Acquisition, Expanding Crypto Offerings

Join our free newsletter for daily crypto updates!