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Former Kansas bank CEO admits to embezzling $47M for crypto scheme

Shan Hanes has pleaded guilty to a federal crime after embezzling millions of dollars from Heartland Tri-State Bank, leading to its collapse.

"Shan Hanes is a liar and a master manipulator who caused Heartland Tri-State Bank to collapse," U.S. Attorney Kate E. Brubacher said in a statement. Many victims will never fully recoup losses to their life savings and retirement funds, but at least we at the Department of Justice can see that Hanes is held criminally responsible for his actions." Hanes took money from multiple accounts — including from a local church — and initiated a series of wire transfers totaling $47.1 million stolen from the bank and sent to a cryptocurrency wallet.

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