\n<\/p>\n
A Kansas man was sentenced to 24 years<\/a> in prison after pouring $47.1 million into a pig butchering scam \u2014 using money from the bank he was in charge of. Shan Hanes, the former CEO of the small Heartland Tri-State Bank, pleaded guilty<\/a> to embezzlement after routing the funds to scammers\u2019 crypto accounts, causing the bank to collapse<\/a>.<\/p>\n<\/div>\n As reported by NBC News<\/a>, Hanes fell for a pig butchering scam that had him purchasing crypto \u201cto unlock the supposed returns on his investments,\u201d which he never received. <\/p>\n<\/div>\n Pig butchering scams<\/a> typically involve a scammer finding and contacting a victim through a messaging app, a dating service, or a social media platform. They\u2019ll then try to form a relationship \u2014 often a romantic one \u2014 with their victim before eventually luring them into making a series of crypto investments.<\/p>\n<\/div>\n From May to June 2023, Hanes set up 11 wire transfers using the bank\u2019s stolen funds. He also embezzled money from a local church, an investment club, and his daughter\u2019s college savings account. The Heartland Tri-State Bank, which was insured by the FDIC at the time, was one of the five banks to close in 2023<\/a>.<\/p>\n<\/div>\n \u201cHanes\u2019 greed knew no bounds,\u201d US Attorney Kate E. Brubacher says in a statement. \u201cHe trespassed his professional obligations, his personal relationships, and federal law. Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions.\u201d<\/p>\n<\/div>\n