By Trish Svoboda

Today, May 24, a man from Kansas pleaded guilty to using his executive position at a bank to embezzle millions, leading to the bank’s collapse and total loss for investors.

Court documents reveal that 52-year-old Shan Hanes of Elkhart confessed to a single count of bank officer embezzlement. Hanes, the former CEO of Heartland Tri-State Bank (HTSB) in Elkhart, Kansas, initiated a series of 10 wire transfers from May to July 2023, totaling $47.1 million from Heartland’s funds to a cryptocurrency wallet. These funds were then moved to several cryptocurrency accounts managed by unknown third parties while HTSB was insured by the Federal Deposit Insurance Corporation.

Hanes is set to be sentenced on August 8, 2024, and could face up to 30 years in prison. The sentence will be determined by a federal district court judge, considering the U.S. Sentencing Guidelines and other statutory factors.

The case is under investigation by multiple federal agencies and is being prosecuted by Assistant U.S. Attorney Aaron Smith.