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Darkassassin07 ,
@Darkassassin07@lemmy.ca avatar

Hanes stole tens of thousands from a local church, then a local investor club, and finally his daughter’s college fund, NBC News reported. Then when all those wells dried up, he started stealing bank funds

Wow, what a PoS

Shawdow194 ,
@Shawdow194@fedia.io avatar

"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."

teft ,
@teft@lemmy.world avatar

I would hope most people would be made whole through FDIC insurance. That’s 250k per depositor, per insured bank, for each account ownership category.

ShepherdPie ,

It states that he never once received anything back yet was convinced even after being arrested and sending 10s of millions of dollars into a black hole, that he only needed another month or two to earn everything back. How the fuck can someone be duped so hard?

cheese_greater ,

They should play Beyonce’s Freedom to cap the sentencing

Lost_My_Mind ,

I hear she doesn’t consent to convicted criminals using her songs…

cheese_greater , (edited )

Even criminals deserve good outro themes. Its just the right thing to do.

Edit: I’ve said previously that for the hilariously guilty, the cue after they make in the interview room should be the intro to Angel by Sarah Maclachlan looped for until they are out of transit

PeachMan ,
@PeachMan@lemmy.world avatar

Kinda misleading or poorly written title. He was not convicted of falling for a crypto scam. He was convicted of embezzling funds from the bank, which he did while pumping them into a dumb crypto scam. It would have been illegal even if the crypto thing was NOT a scam (which is rare, I know).

Lost_My_Mind ,

And to think, I almost felt pity for him.

MyOpinion ,

After endless scams, have people figured out yet that Crypto is a scam?

Nougat ,

The technology isn't, but it can be easily abused by malicious actors, using the exact same methods as shown in Wolf of Wall Street.

stonerboner ,

Until there is an actual use case for Crypto, it’s definitely a scam as a technology. It exists only for investors and scammers, anyone attempting to actually use it is getting reamed.

Nougat ,

The ancient Greeks invented steam power, but didn't take it any further than a novelty. That doesn't make steam power a "scam."

Stovetop ,

I dunno, most steam power just involves passing an environmental burden down several generations, which seems like a scam to me.

magic_lobster_party ,

That doesn’t mean cryptocurrencies is like steam power.

Nougat ,

Each is a technology with unique features for its time, and where there aren't any practical applications initially.

Honytawk ,

Still doesn’t mean crypto is like steam, nor that it will ever have any practical application

Nougat ,

I'm sure the ancient Greeks said similar things about their steam pinwheels.

Lost_My_Mind ,

My friend really hyped up crypto as the thing that would replace all local currencies in every country. That we would just have crypto, and thats it.

Thats when I knew it was a scam. My friend is an idiot, and falls for 100% of scams. When he’s preaching something, I know it’s wrong.

Chocrates ,

I liked the public ledger of contracts idea someone had. You use the public block chain to sign and store stuff like mortgages, that way everyone sees the same copy.

tal ,

The problem is that there are much-simpler ways to achieve that, if that’s all you want. You just take a digital copy of the contract, timestamp it, and have each party cryptographically sign the contract. You don’t need a distributed ledger for that.

sazey ,

Distribution ensure integrity of data. Let’s say we sign a contract, cryptographically sign it and all that good stuff but then oh no, where we stored your contract went up in fire and now I don’t have to honour that contract. (contrived example I know)

tal ,

All parties who are involved in the contract can store a copy of a contract, even if it’s not distributed to everyone else.

db2 ,

Oh no the poor bank, better have a bailout quick.

atrielienz , (edited )

Given that he was embezzling bank funds to funnel into a fake crypto scam, and the people who those funds belonged to were not in fact the bank, and the article suggests those people were not made whole, I’m just gonna say that it’s not about the bank, it’s about the people who lost shit like their life savings to this a-hole.

idunnololz ,
@idunnololz@lemmy.world avatar

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,” the US Attorney’s Office said.

It sounds like no customer with the bank lost anything. Only investors who I assume are well off anyways.

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