this post was submitted on 22 Aug 2024
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491
Ex-bank CEO gets 24 years after falling for crypto scam, causing bank collapse (arstechnica.com)
submitted 4 months ago by [email protected] to c/technology
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[–] jpreston2005 50 points 4 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 4 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??

[–] barsquid 8 points 4 months ago

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