Former Heartland Tri-State CEO Sentenced for Embezzling $47 Million for Cryptocurrency Purchases

In the United States, a court has sentenced former Heartland Tri-State bank CEO Shane Haines to 24 years and four months in prison for embezzling $47.1 million to invest in cryptocurrencies. This was reported by the Department of Justice.

According to the department, from May to July 2023, the executive conducted 11 unauthorized transfers. In total, he directed $47.1 million of client funds to several cryptocurrency addresses belonging to unidentified third parties.

This led to the bankruptcy of Heartland Tri-State. Haines pleaded guilty to one count of embezzlement by a bank employee.

“He violated his professional obligations, personal relationships, and federal law. Haines not only betrayed Heartland bank and its investors, his illegal schemes also undermined trust in financial institutions,” the statement said.

Earlier in Hong Kong, an employee of a multinational company transferred $25 million to fraudsters after a call with “colleagues.” The latter turned out to be deepfakes.

In August, it was revealed that Canadian crypto platform ezBtc and its founder David Smillie misappropriated about 13 million CAD (~$9.5 million) of client funds, using part for gambling.