The impact of Hanes’ actions has been devastating for the small community of Elkhart. Many of the bank’s shareholders lost a significant portion of their retirement savings, and some are now struggling to pay for necessities like nursing home care. Brian Mitchell, Hanes’ former neighbor and a local businessman, recounted how Hanes approached him on July 5, 2023, asking for a $12 million loan to “activate” the funds he had already transferred to the scammers’ accounts. Despite Mitchell’s warnings that he had been caught in a scam, Hanes wired an additional $12.4 million to the scammers over the next two days.

Hanes was fired from the bank within days of Mitchell’s conversation with a board member, and on July 28, 2023, Heartland Tri-State was shut down by the Kansas Office of the State Bank Commissioner and taken over by the FDIC. While depositors didn’t lose money, shareholders were wiped out.

During the hearing, Judge John Broomes imposed a sentence that was 29 months longer than what prosecutors had sought, noting Hanes’ lack of remorse and intelligent actions. Hanes’ attorney, John Stang, argued that his client was “the pig that got slaughtered” and that his vulnerability to the scam led him to make bad decisions.

U.S. Attorney Kate Brubacher stressed the seriousness of Hanes’ betrayal, saying his greed knew no bounds and his illegal practices undermined confidence in financial institutions.

Read more here on NBC News.

Lucas Nolan is a reporter for Breitbart News, writing about topics such as freedom of speech and online censorship.