Former Rural Bank CEO Gets 24-Year-Plus Prison Sentence for Embezzling $47 Million in Crypto Scheme

Published on August 21, 2024

A former CEO of a rural Kansas bank, who admitted embezzling tens of millions of dollars as part of a cryptocurrency scheme, was sentenced on Aug. 19 to nearly 25 years in federal prison, according to the Department of Justice (DOJ). Shan Hanes, 53, of Elkhart, Kansas, was sentenced to 293 months in prison after pleading guilty to one count of embezzlement by a bank officer. According to the DOJ, Hanes’s cryptocurrency scheme caused the bank to fail and investors to lose all equity. While Hanes was the CEO of Heartland Tri-State Bank (HTSB), he initiated 11 outgoing wire transfers between May 2023 and July 2023 totaling $47.1 million of Heartland’s funds to a cryptocurrency wallet in a cryptocurrency scheme referred to as “pig butchering,” according to the DOJ.  ...

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