News with the tag "Heartland Tri-State Bank"

The former CEO of failed Heartland Tri-State Bank was sentenced to over 24 years in prison for embezzling more than $47 million in a fraudulent crypto scheme that caused the bank’s collapse. He funneled the stolen funds into cryptocurrency wallets linked to a “pig butchering” scam, leading to a $9 m...

Former Heartland Tri-State Bank (HTSB) CEO, Shan Hanes, reportedly transferred $47.1 million from the bank’s coffers into a cryptocurrency scheme. The CEO’s action had a domino effect which caused the bank to fail. Although FDIC covered the losses, the bank executive now faces a jail time of 24 year...

Shan Hanes, former CEO of Heartland Tri-State Bank, admitted to embezzling $47.1 million.

Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from the Elkhart-based bank to cryptocurrency accounts. The ba...

Heartland Tri-State Bank, a community bank in Elkhart, Kansas, has been forced to shut down after its CEO, Shan Hanes, lost millions of dollars in a cryptocurrency scam. The incident unfolded on July 5 when Hanes, desperate to retrieve his money from a supposed cryptocurrency investment, approached ...

The U.S. banking industry is experiencing a significant transformation as major banks lose customer deposits while smaller regional banks gain traction. The Federal Deposit Insurance Corporation (FDIC) recently announced the failure of Heartland Tri-State Bank of Elkhart, Kansas, on July 28, with al...

In this week’s news, another major U.S. bank has failed, a Maine senator has appealed to United States president Joe Biden to grant Silk Road creator Ross Ulbricht clemency, a senior U.S. district judge has rejected the approach taken in the SEC v. Ripple ruling regarding XRP, and Robert Kennedy Jr....

Danielle DiMartino Booth, holding the dual roles of CEO and chief strategist at QI Research, foresees that the 22-year peak in interest rates set by the Fed is merely a precursor to what’s to come. She anticipates further upheaval within the banking industry. The strategist articulated her belief th...

Heartland Tri-State Bank has become the latest bank in the U.S. to fail. The Kansas banking regulator closed the bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver on Friday. Regulator Shuts Down Heartland Tri-State Bank A regional bank in the U.S., Heartland Tri-Sta...

Heartland Tri-State Bank in Kansas has been forced to halt operations by regulators after it became insolvent, marking it the fifth bank to collapse in the United States this year. After determining that the bank, which had its headquarters in Elkhart, had fallen insolvent, Kansas Bank Commissioner ...