According to a Bloomberg report, the former chief executive officer of a Kansas bank has been charged with embezzling $47.1 million from the institution to purchase crypto assets.
The Heartland Tri-State Bank’s failure has shaken the tight-knit community of Elkhart, as investors face significant losses. Shan Hanes, who previously held leadership roles at the Kansas Bankers Association, was known as a “champion of community banks.”
However, prosecutors’ recent filing in federal court in Wichita reveals alleged misconduct that has shocked the community.
Link To Crypto Fraud Uncovered
According to a filing by prosecutors, Shan Hanes not only embezzled funds from the bank but also allegedly took money from a local church. Per the report, the criminal information document is “short on details,” but it suggests that Hanes misappropriated funds from multiple sources, causing significant financial harm.
Nevertheless, Brian Mitchell, a local businessman and client of the failed b
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