Former Heartland Tri-State Bank CEO Sentenced to Over 24 Years in Prison for Alleged $47 Million Cryptocurrency Scam

Heartland Tri-State Bank CEO Shan Hanes has been sentenced to 293 months in federal prison in connection with a $47 million cryptocurrency scam in which court documents show Hanes executed 11 unauthorized wire transfers of $47.1 million of the bank's funds into a cryptocurrency wallet between May and July 2023, as part of a scheme known as “piggybacking. This was part of a scheme known as “piggybacking,” where unsuspecting investors were lured into investing in fraudulent digital assets. Special Agent in Charge Justin R. Bundy announced Hanes' conviction for his role in the $47.1 million embezzlement scam that ultimately led to the collapse of Heartland Tri-State Bank.