Former Heartland Tri-State Bank CEO Shan Hanes was sentenced to over 24 years in prison for embezzling $47 million, which he lost in a cryptocurrency scam. Hanes' actions, driven by a "pig butchering" scheme, led to the bank's collapse and its FDIC takeover. The scam also impacted a local church, an investment club, and his daughter’s college savings. The scheme involves scammers deceiving victims into investing in fake cryptocurrency opportunities, only to steal their money, a process likened to "butchering the pig."
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00:00It's Benzinga, and here's what's on the block.
00:03Former Heartland Tri-State Bank CEO Sean Haynes was sentenced to over 24 years in prison for
00:08embezzling $47 million, which he lost in a cryptocurrency scam.
00:12Haynes' actions, driven by a pig-butchering scheme, led to the bank's collapse and its
00:16FDIC takeover.
00:18The scam also impacted a local church, an investment club, and his daughter's college
00:22savings.
00:23The scheme involved scammers deceiving victims into investing in fake cryptocurrency opportunities
00:28only to steal their money, a process likened to butchering the pig.
00:31For all things money, visit Benzinga.com.