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"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?
Because the meritocracy is a lie.
Nepotism, usually
I guess they must have worked hard.
Lol I'm sorry I couldn't even type that with a straight face 😂
Ass kissing or family member. Simple.
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?
250k per, so not necessarily all your money if you had saved a lot
Just go double or nothing a few times! Simple!
"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?
FDIC only covers up to $250,000 per account. So if more than that were stolen from a single account...
Gotta have lots of accounts. Like Minecraft chests. All lined up. 250k each.
I think it has something to do with deposits vs investments.
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.
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.
"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.
Yes, that's exactly right. Though in some cases, they let the victim make one withdrawal after they get an initial "profit" just to make it appear legit. But never more than that one.
Fascinating read about a horrible tragedy by a complete idiot. I also learned such a way of scamming is called pig butchering.
I'm not making fun of scammed people and feel for them, but I'm stunned how person X from NYC could believe that person Y from Hong Kong would want to marry them by never having met them. I mean, I can't understand why you'd trust someone who you've never met and only been chatting to.
For example, if a real friend of yours had been a victim of email spoofing and the scammer started trading emails as your friend, then you'd be interacting with a "trusted" party and I can see it would be easier to fall for it, but these are random numbers from a country you've never visited (which no one can even certify even is the one they claim to be) and you start trusting them for no good reason.
There are tons and tons of scams, some much more subtle and/or targeted than others, but this stuns me in how generic and random it is (and how successfully it works)
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
Media Bias Fact Check | bot supportSearch topics on Ground.News
https://arstechnica.com/tech-policy/2024/08/ex-bank-ceo-gets-24-years-after-falling-for-crypto-scam-causing-bank-collapse/