There have been multiple accounts created with the sole purpose of posting advertisement posts or replies containing unsolicited advertising.

Accounts which solely post advertisements, or persistently post them may be terminated.

ShepherdPie ,

“Many victims will never fully recoup losses to their life savings and retirement funds, but at least we at the Department of Justice can see that Hanes is held criminally responsible for his actions.”

Can someone explain how they lost this money if the FDIC covered the missing $44M?

greenshirtdenimjeans ,

I think it has something to do with deposits vs investments.

ShepherdPie ,

Maybe these were the bank investors they mentioned earlier in the article, but how do you even do such a thing? I’ve never heard of investing in local banks but maybe it’s a small town, small bank type of thing.

jordanlund ,
@jordanlund@lemmy.world avatar

FDIC only covers up to $250,000 per account. So if more than that were stolen from a single account…

ravhall ,

Gotta have lots of accounts. Like Minecraft chests. All lined up. 250k each.

halcyoncmdr ,
@halcyoncmdr@lemmy.world avatar

“He said … ‘If I just had another two months, I could get the money back,’” Mitchell told NBC News.

So the CEO was a gambling addict on top of being a clear idiot. How the fuck do these people fail their way into these positions and not get filtered out along the way?

not_that_guy05 ,

Ass kissing or family member. Simple.

DragonTypeWyvern ,

Because the meritocracy is a lie.

Kit ,

Nepotism, usually

MrBobDobalina ,

Just go double or nothing a few times! Simple!

AlternatePersonMan ,

This was a sad read. A gambling addict would have at least had a chance to make money. This guy just kept throwing money away other peoples money and never saw any returns.

I can’t believe someone at the bank didn’t question the strange wire transfers. Or that the guy who told him he was being scammed didn’t immediately reach out to the authorities.

Question: Wouldn’t the FDIC reimburse most of these people’s money?

Kecessa ,

250k per, so not necessarily all your money if you had saved a lot

Aurenkin ,

I guess they must have worked hard.

Lol I’m sorry I couldn’t even type that with a straight face 😂

jordanlund ,
@jordanlund@lemmy.world avatar

Shit like this is infuriating. I had someone try it on me and I strung them along to see what the scam was.

Basically “invest in my crypto and you can get 3x your money back.”

So I asked them “which crypto?” and I looked it up… they swore there were these limited windows where it spiked in value. Sell at that window and make 3x your money.

So I pulled 6 months worth of history… no spikes. None.

What they do is set up a fake payment portal where money goes in and nothing comes out.

NarrativeBear ,

“What they do is set up a fake payment portal where money goes in and nothing comes out.”

They actually go alot further in making the scam seem legit. They setup full trading platform apps that look legit. These apps are listed in the apple store and play store, they even have real real reviews.

You download the app yourself, you setup your profiles yourself. Everything seem legit because you actually setup the acounts.

You then put money into these “accounts”, you watch the value go up and down like it normally would on a stock market. Then when you are happy with your “investment”, time to withdrawal and there’s no money to take out.

MediaBiasFactChecker Bot ,

Ars Technica - News Source Context (Click to view Full Report)Information for Ars Technica:
> MBFC: Least Biased - Credibility: High - Factual Reporting: High - United States of America
> Wikipedia about this source

Search topics on Ground.Newshttps://arstechnica.com/tech-policy/2024/08/ex-bank-ceo-gets-24-years-after-falling-for-crypto-scam-causing-bank-collapse/

Media Bias Fact Check | bot support

  • All
  • Subscribed
  • Moderated
  • Favorites
  • •
  • [email protected]
  • random
  • lifeLocal
  • goranko
  • All magazines
    •