Former Financial institution CEO Pleads Responsible to Embezzling $47M to Purchase Crypto, Resulting in Financial institution Collapse

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Former Heartland Tri-State Financial institution CEO Shan Hanes pleaded responsible on Thursday to embezzling $47.1 million for private cryptocurrency purchases, resulting in the financial institution’s collapse. From Might to July 2023, Hanes executed a minimum of 10 wire transfers from the Elkhart-based financial institution to cryptocurrency accounts. The financial institution’s failure resulted in a complete lack of fairness for traders. […]

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