Hanes stole tens of thousands from a local church, then a local investor club, and finally his daughter’s college fund, NBC News reported. Then when all those wells dried up, he started stealing bank funds
Wow, what a PoS
Ex-bank CEO gets 24 years after falling for crypto scam, causing bank collapse
Submitted 2 months ago by Xatolos@reddthat.com to technology@lemmy.world
Comments
Darkassassin07@lemmy.ca 2 months ago
ShepherdPie@midwest.social 2 months ago
It states that he never once received anything back yet was convinced even after being arrested and sending 10s of millions of dollars into a black hole, that he only needed another month or two to earn everything back. How the fuck can someone be duped so hard?
technocrit@lemmy.dbzer0.com 2 months ago
He was going to pay it all back tho!!! smh.
slaacaa@lemmy.world 2 months ago
Wild story, but many things I don’t get: -How could a bank CEO be so stupid to fall a financial scam like this? He must know how these work, banks are constantly fighting against scams and warning customers -How the fuck the bank would allow the CEO to go rouge and request/make these transactions? They have board, supervisory board, risk mgmt, yet nobody stopped or noticed the fraud until his neighbor(!) told them. This institution shouldn’t be allowed to handle people’s money -Wtf is the attorney’s sad speech about being unsure ppl getting back their savings? They were insured, they get the money back. Pay the fuck up and reimburse your clients for the bank’s mistake
ByteOnBikes@slrpnk.net 2 months ago
This one blew me away.
According to NBC News, Hanes missed at least one opportunity to realize that he was being scammed. After he asked for a $12 million loan from a neighbor, Brian Mitchell, his neighbor detected the scam and refused to lend the money.
My limit is like $40.
Plopp@lemmy.world 2 months ago
Cheap bastard! Who would deny their neighbor coming over to borrow some sugar and a couple mills?
nandeEbisu@lemmy.world 2 months ago
Damn, even with inflation? You must be super on guard. That being said. I will turn on my A game to shave $0.50 off of a set of coasters from a tourist shop while on vacation.
technocrit@lemmy.dbzer0.com 2 months ago
How could a bank CEO be so stupid
Seriously?
jpreston2005@lemmy.world 2 months ago
Because the bank was insured by the Federal Deposit Insurance Corporation (FDIC), the FDIC “absorbed the $47.1 million loss” after "Hanes’ fraudulent actions caused HTSB to fail and the bank investors to lose $9 million.
his sentence of more than 24 years is 29 months longer than prosecutors had requested, NBC News reported.
Here, the only reason he’s seeing jail time. Not because he stole, but he stole from the rich. Tanking a bank and losing poor peoples money won’t get you anything. But lose rich peoples money, and you’re going down. There are two justice systems in america, and you don’t have access to the one that works.
kent_eh@lemmy.ca 2 months ago
Here, the only reason he’s seeing jail time. Not because he stole, but he stole from the rich.
Regardless, maybe the reality that a C-suite executive is spending a quarter century in jail might mean there’s a chance it’ll prevent others from trying something similarly corrupt?
Maybe?
Please??
barsquid@lemmy.world 2 months ago
Yeah, now they’ll reconsider if their intended victims have a certain net worth.
MyOpinion@lemm.ee 2 months ago
After endless scams, have people figured out yet that Crypto is a scam?
db2@lemmy.world 2 months ago
Oh no the poor bank, better have a bailout quick.
atrielienz@lemmy.world 2 months ago
Given that he was embezzling bank funds to funnel into a fake crypt scam, and the people who those funds belonged to were not in fact the bank, and the article suggests those people were not made whole, I’m just gonna say that it’s not about the bank, it’s about the people who lost shit like their life savings to this a-hole.
idunnololz@lemmy.world 2 months ago
Because the bank was insured by the Federal Deposit Insurance Corporation (FDIC), the FDIC “absorbed the $47.1 million loss” after “Hanes’ fraudulent actions caused HTSB to fail and the bank investors to lose $9 million,” the US Attorney’s Office said.
It sounds like no customer with the bank lost anything. Only investors who I assume are well off anyways.
cheese_greater@lemmy.world 2 months ago
They should play Beyonce’s Freedom to cap the sentencing
Lost_My_Mind@lemmy.world 2 months ago
I hear she doesn’t consent to convicted criminals using her songs…
cheese_greater@lemmy.world 2 months ago
Even criminals deserve good outro themes
PeachMan@lemmy.world 2 months ago
Kinda misleading or poorly written title. He was not convicted of falling for a crypto scam. He was convicted of embezzling funds from the bank, which he did while pumping them into a dumb crypto scam. It would have been illegal even if the crypto thing was NOT a scam (which is rare, I know).
xavier666@lemm.ee 2 months ago
that comment had to hurt the crypto community hard
qaz@lemmy.world 2 months ago
The people who still don’t know have built up a level of ignorance to miss any kind of message like that.
msage@programming.dev 2 months ago
If they could read
technocrit@lemmy.dbzer0.com 2 months ago
I think it’s much harder for anti-crypto ideologues to admit that crypto has non-scam usage.
Lost_My_Mind@lemmy.world 2 months ago
And to think, I almost felt pity for him.
kameecoding@lemmy.world 2 months ago
Almost doing dome heavy lifting there