Until recently, Shan Hanes appeared to be living a normal life. This American in his early 50s was a respected figure in the Kansas banking scene. He led Heartland Tri-State Bank He was also a member of the American Bankers Association in the past. But at some point his life went into decline.

As reported by CNBC, at one point in recent years he was involved in a cryptocurrency scam known as “pig butchering.” The scammers trick the victim into believing they will make extraordinary profits by investing in cryptocurrencies, then increase the risk—until at one point they disappear with the money.

Fraud, greed and condemnation

Hanes began by “investing” his personal funds. Apparently blinded by the fraud, he found himself faced with the need to get more money.unlock bigger rewardsThe next step was to use the money earmarked for her daughter’s college education, and that was the point of no return where she only went for more money.

As the CEO of a bank, he used his power within the organization to make illegal transfers, accessing pension funds and various investment accounts. By 2023, he was funneling tens of millions of dollars into fraudsters’ accounts without ever seeing a profit, after all, it was a scam.

A supposed combination of ambition and desperation led Hanes to ask an acquaintance who had just beaten cancer for a loan. 12 million dollars in his name. I would give you $1 million in return for this favor. Ultimately, Hanes’ activities led to an investigation that literally condemned him.

Following a months-long investigation involving the FBI and other agencies, Hanes was sentenced to 293 months (24 years) in prison for stealing $47 million. “Hanes’ greed knew no bounds. He violated his professional obligations, his personal relationships and federal laws,” said U.S. Attorney Kate E. Brubacher.

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