Former CEO Pleads Guilty

The US Attorney's Office for the District of Kansas revealed that Shan Hanes, the former CEO of Heartland Tri-State Bank, pleaded guilty to embezzling millions of dollars.

Embezzlement Details

Court documents reveal that Hanes orchestrated ten wire transfers between May 2023 and July 2023, moving a staggering $47.1 million from Heartland's funds to a crypto wallet. These funds were subsequently transferred to multiple crypto accounts controlled by unidentified third parties. This massive theft went unnoticed until it was too late.

Government's Statement

"Shan Hanes is a liar and a master manipulator who caused Heartland Tri-State Bank to collapse," said US Attorney Kate Brubacher. "Even as he was squandering away tens of millions of dollars in cryptocurrency, Hanes orchestrated schemes to cover his tracks concerning the losses at the bank," she added.

Impact on Victims

The collapse of Heartland Tri-State Bank has left many victims in financial turmoil. "Many victims will never fully recoup losses to their life savings and retirement funds," Brubacher lamented. However, she assured the public that the Department of Justice would ensure Hanes is held criminally responsible for his actions.

Awaiting Sentencing

The District Attorney's office said Hanes would be sentenced on August 8th and that it would ask the court to hand the former bank CEO a 30-year prison term.