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former bank chiefCNBC
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78% Informative
Shan Hanes , pronounced Shane , sent the funds from Heartland Tri-State Bank to cryptocurrency wallets controlled by scammers, prosecutors said.
The massive embezzlement led to the collapse and FDIC takeover of the bank in Elkhart , Kansas .
Hanes also swindled funds from a local church and investment club, and a daughter's college savings account.
Heartland Tri-State CEO Brian Mitchell says he got a call from Hanes asking him to borrow $12 million .
Hanes said he needed the money to "activate" the funds he had already transferred, Mitchell says.
Mitchell : "I stopped him and said, 'Is this bank money you're playing with?' And he said, "No, Brian .".
Heartland Tri-State , Kansas , had nearly $140 million in total assets and $130 million in deposits.
Shareholders were wiped out, but depositors did not lose any money, as Dream First Bank assumed all deposits.
Hanes was fired within days after he was charged by federal prosecutors with embezzlement.
"He was the pig that was butchered," Hanes ' lawyer wrote in sentencing submission.
VR Score
79
Informative language
77
Neutral language
55
Article tone
informal
Language
English
Language complexity
43
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possibly offensive
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Attention-grabbing headline
not detected
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Time-value
short-lived
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6
Source diversity
5
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