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The CEO of an American bank is suspected of embezzling customer funds to purchase cryptocurrency, plunging the company into bankruptcy whirlpool!
Recently, the CEO of an American bank was accused of embezzling customer deposits, and astonishingly, he used them to speculate in cryptocurrency! As a result, the entire company was depleted and ultimately went bankrupt.
The accused CEO goes by the name Shan Hanes and was formerly the chief executive of a bank called Heartland Tri-State Bank. It's said that he began "ostensibly" buying cryptocurrencies with his own money since 2022. However, the problem arose when he not only misappropriated funds from churches and investment clubs but also tampered with his own company's customer deposits! According to prosecutors, Hanes even reached into the deposits of Heartland Bank in early 2023. He really didn't treat the company's money as money! Moreover, it wasn't a small sum. From May to July, he managed to embezzle a total of $47 million through at least 11 bank transfers! Consequently, the bank collapsed on July 29th of last year and was taken over by the Federal Deposit Insurance Corporation.
How was this scheme uncovered? It's said that Hanes borrowed $12 million from a major client of the bank, intending to retrieve money from his cryptocurrency investments. However, this client was no pushover. Upon seeing that Hanes had already transferred $12 million, they immediately reported to the bank's board of directors. Subsequently, the bank representatives reported to regulatory authorities, exposing the conspiracy. In the end, although the bank was acquired by Dream First Bank and most depositors remained unharmed, the shareholders suffered greatly. They anticipated losing all their investments, and Hanes and his family members were significant shareholders of the bank. |
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Post time 28-2-2024 10:47:09