Former Kansas bank CEO Shan Hanes was sentenced to 24 years in August after stealing $47-million from customer accounts
Sobs of relief broke out in a federal courtroom in Kansas on Monday as dozens of people whose life savings had been embezzled by a bank CEO learned that federal law enforcement had recovered their money.
Hanes’ Heartland Tri-State Bank, drained of cash, was shut down by federal regulators and sold to another financial institution. Customers’ savings and checking accounts amounting to $47.1-million were insured by the Federal Deposit Insurance Corp., which paid off their losses. During an earlier sentencing hearing, these victims had called Hanes a “deceitful cheat and a liar,” and “pure evil.”
“He was to take some of the money, and the rest of the money was supposed to go back to the bank,” his attorney John Stang explained. “Now it’s fiction, it didn’t exist. We all know that now ... It failed big time.”“From the deepest depth of my soul, I had no intention of ever causing the harm that I did,” he said. “I’ll forever struggle to understand how I was duped and how what I thought was just getting the money back was making it worse.
Hanes Scam Fdic Records Kansas Bank Time Aaron Smith Federal Reserve System American Bankers Association
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