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Ex-bank CEO gets 24 years after falling for crypto scam, causing bank collapse (arstechnica.com)

submitted 2 months ago by [email protected] to c/[email protected]

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[–] [email protected] 50 points 2 months ago (1 children)

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.

[–] [email protected] 15 points 2 months ago (1 children)

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??

[–] [email protected] 8 points 2 months ago

Yeah, now they'll reconsider if their intended victims have a certain net worth.

[–] [email protected] 69 points 2 months ago* (last edited 2 months ago) (2 children)

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

[–] [email protected] 23 points 2 months ago

How could a bank CEO be so stupid

Seriously?

[–] [email protected] 66 points 2 months ago (2 children)

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.

[–] [email protected] 3 points 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.

[–] [email protected] 23 points 2 months ago (1 children)

Cheap bastard! Who would deny their neighbor coming over to borrow some sugar and a couple mills?

[–] [email protected] 9 points 2 months ago (1 children)

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.

[–] [email protected] 5 points 2 months ago (2 children)

Uh, a luxury yacht costs a lot more than $2M, $2M gets you a premium fishing/speed boat.

[–] [email protected] 8 points 2 months ago

I mean, it's one banana. What could it cost, $10m?

[–] [email protected] 2 points 2 months ago

I know, these poors don't know anything about the struggles we face. (did you know mike just got himself a Benetti that's 2 meters longer than mine? honestly, who does he think he is)

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