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

submitted 3 months ago by [email protected] to c/[email protected]

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[–] [email protected] 69 points 3 months ago* (last edited 3 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] 66 points 3 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] 23 points 3 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 3 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 3 months ago (2 children)

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

[–] jasoncg 8 points 3 months ago

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

[–] [email protected] 2 points 3 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)

[–] [email protected] 3 points 3 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 3 months ago

How could a bank CEO be so stupid

Seriously?