Life Savings of an Entire Small Town Recovered from the Depths of Cryto-Scam, Thanks to FBI
By Andy Corbley – Nov 7, 2024
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A Wichita courtroom rang out with sobs and cheers when over two dozen people learned that their life savings had been recovered after being lost by a local bank.
Over $8 million in children’s university funds, retirement accounts, funds for eldercare, and bequeathments to children and grandchildren were returned after the FBI located and seized a cryptocurrency wallet linked to an account in the Cayman Islands.
The bank’s founder Shan Hanes, claims he had unintentionally lost it all by investing in a sophisticated cryptocurrency scam, though he ultimately lost his defense and received 24 years in prison for defrauding depositors and investors.
In August, Heartland Tri-State Bank was put into receivership by federal regulators after being drained of cash. The FDIC paid out $47 million to everyday depositors and other investors, but the rural, community-owned bank had 30 shareholders who had carefully planned long-term accounts that were not insured.
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While I am happy that the insured depositors were made whole, they should have diversified their deposits.
One lady had 250k$ in one IRA account. That far exceeds the risk she should be taking. Four partial roll over accounts of 50k$ each would have mitigated her losses. She was lucky to get it back. Yeah, it makes for more paperwork, but look at the alternative,
There are accounts available with private insurance up to ¼ million last time I looked.
In short, having large sums of money requires you to take a modicum of care.
Don’t trust anyone. (Even me!) Verify! Lawyers and accountants may seem expensive, but are cheap in the long run.
YMMV but I know what I do and preach.
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Posted by reinkefj 
Reinke Faces Life 