This is a most excellent place for technology news and articles.
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).
even if the crypto thing was NOT a scam (which is rare, I know).
that comment had to hurt the crypto community hard
The people who still don't know have built up a level of ignorance to miss any kind of message like that.
If they could read
TBH I feel like it's much harder for anti-crypto ideologues to admit that crypto has non-scam usages. Or to admit that fiat currency is a scam so huge that it's literally destroying the planet.
to be fair, buying drugs or untraceable money transfers are totally a use case of crypto (basically everything that is illegal)
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
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?
"Many victims will never fully recoup losses to their life savings and retirement funds, but at least we at the Department of Justice can see that Hanes is held criminally responsible for his actions."
I would hope most people would be made whole through FDIC insurance. That's 250k per depositor, per insured bank, for each account ownership category.
Wild story, but many things I don’t get:
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.
Cheap bastard! Who would deny their neighbor coming over to borrow some sugar and a couple mills?
How could a bank CEO be so stupid
Seriously?
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.
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??
Yeah, now they'll reconsider if their intended victims have a certain net worth.
Oh no the poor bank, better have a bailout quick.
Given that he was embezzling bank funds to funnel into a fake crypto 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.
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.
The banks customers were not the only people who he stole from. However, I concede the point.
Oh yeah. That's fair.
I guess the silver lining here was that it could have been so much worse but thank goodness for FDIC.
That's still 47 million of everyone's money that could have been better spent
Yeah, that's 47 million in tax payer dollars. So instead of stealing millions from a few people, it's pennies from millions of people. Definitely a lot of better things that money could have gone to.
They should play Beyonce's Freedom to cap the sentencing
