Fed Takes Action Against Ex-CEO of Heartland Tri-State Bank

Federal Reserve

The Federal Reserve Board on Thursday announced that it had prohibited Shan Hanes from future participation in the banking industry. Hanes is the former chief executive officer of Heartland Tri-State Bank and used his position to embezzle $47.1 million of bank funds in a cryptocurrency scheme that led to the bank becoming insolvent and failing in July 2023.

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile instrument with a high level of risk. Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice.

/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.