“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?
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.
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.