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Former Bank CEO Pleads Guilty to Embezzling $47M to Buy Crypto, Leading to Bank Collapse

Former Bank CEO Pleads Guilty to Embezzling $47M to Buy Crypto, Leading to Bank Collapse


Bitcoin.com
2024-05-24 02:05:14

Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from the Elkhart-based bank to cryptocurrency accounts. The bank’s failure resulted in a total loss of equity for investors.


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