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
If they could read
The people who still don’t know have built up a level of ignorance to miss any kind of message like that.
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)
Wild story, but many things I don’t get:
- How could a bank CEO be so stupid to fall for 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 rogue 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
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?
Well the house is presumably up for purchase now. I feel like I want to be this guy’s neighbor.
Hey Bob, I want to buy a luxury yacht but I only have $12.50 in the bank, can I borrow $2 million please I’ll have it back to you by Friday.
Uh, a luxury yacht costs a lot more than $2M, $2M gets you a premium fishing/speed boat.
After endless scams, have people figured out yet that Crypto is a scam?
The technology isn’t, but it can be easily abused by malicious actors, using the exact same methods as shown in Wolf of Wall Street.
Until there is an actual use case for Crypto, it’s definitely a scam as a technology. It exists only for investors and scammers, anyone attempting to actually use it is getting reamed.
My friend really hyped up crypto as the thing that would replace all local currencies in every country. That we would just have crypto, and thats it.
Thats when I knew it was a scam. My friend is an idiot, and falls for 100% of scams. When he’s preaching something, I know it’s wrong.
Imagine not believing in a use for crypto in 2024. lmao.
Imagine being so fleeced by a scam that you post messages pretending others are dumb for not falling for the scam lmao
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?
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.
That’s still 47 million of everyone’s money that could have been better spent
