A Kansas man was sentenced to 293 months in prison for embezzling tens of millions of dollars while serving as CEO of Heartland Tri-State Bank (HTSB) in Elkhart.

Shan Hanes, 53, pleaded guilty to embezzlement by a bank officer. Between May and July 2023, Hanes orchestrated 11 wire transfers totaling $47.1 million from HTSB to cryptocurrency wallets involved in a scheme known as “pig butchering.” The funds, transferred to multiple accounts controlled by unknown third parties, led to HTSB’s collapse and a $9 million loss for investors. The Federal Deposit Insurance Corporation (FDIC) covered the $47.1 million loss.

Restitution will be determined in a separate hearing within the next 90 days.