Finance
A $12 Million Request to Cover a Crypto Scam Sank a Bank CEO
Shan Hanes ran Elkhart’s Heartland Tri-State Bank. When he asked to borrow a hefty sum from a wealthy farmer, it was the beginning of the end.
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Shan Hanes was desperate. It was early in the morning of July 5, and Hanes, the head of a tiny bank in Elkhart, Kansas, was meeting in his office with one of his wealthiest customers. And he had a strange request.
The chief executive officer of Heartland Tri-State Bank asked if the client would lend him $12 million so he could get his money out of a cryptocurrency investment. He promised he’d pay him back 10 days later, offering $1 million in interest to make it worth his while.