Kansas Banker Charged With Embezzling $47 Million to Buy Crypto

The former chief executive officer of a Kansas bank was charged with embezzling $47.1 million from the lender to buy cryptocurrency, as the tale of tiny Heartland Tri-State Bank and its failure unfolds.

Shan Hanes, who led the bank before it was shuttered in July, also took money from a local church, according to a filing by prosecutors Friday in federal court in Wichita.

The closure rocked the tight-knit community of Elkhart, a far-flung city of about 1,800 where regulators and investigators descended last year, and where residents who invested in the bank face losses.

Bloomberg was first to ...