Case Highlights
The following are highlights of our work during the April 1, 2024–September 30, 2024, semiannual reporting period. Closed investigative reports are not made public and are subject to disclosure in accordance with applicable law. However, significant investigative results and other investigative statistics are reported in our semiannual report to Congress, as required by statute.
Investigation Into Federal Reserve Bank of Atlanta President's Trading Activity
We investigated the 2017–2021 trading, investment, and disclosure activities of Federal Reserve Bank of Atlanta (FRB Atlanta) President Raphael Bostic. Dr. Bostic violated Federal Open Market Committee (FOMC) rules and Federal Reserve Bank policies governing blackout periods, financial disclosures, prohibited holdings, and preclearance requirements. Dr. Bostic also created an "appearance of acting on confidential FOMC information" under the FOMC blackout rule and an "appearance of a conflict of interest" that could cause a reasonable person to question his impartiality under FRB Atlanta's code of conduct.
Former Chief Executive Officer of Failed Kansas Bank Sentenced to Prison for Embezzling $47 Million
Shan Hanes was sentenced to over 24 years in prison for embezzling $47.1 million from Heartland Tri-State Bank as its chief executive officer (CEO). Hanes embezzled the money to enrich himself in a pig butchering cryptocurrency scheme in which would-be investors were conned into depositing money into fake accounts controlled by scammers. The embezzlement caused Heartland, a state member bank serving rural Kansas, to fail, with the Federal Deposit Insurance Corporation (FDIC) absorbing the $47.1 million loss.
Former Bank Vice President and Branch Manager Convicted for Paycheck Protection Program Fraud in New York
Anuli Okeke, former vice president and manager of a New York branch of Popular Bank, was convicted by jury of conspiracy to commit bank and wire fraud, wire fraud, bank fraud, and money laundering conspiracy. Okeke led a scheme to fraudulently obtain millions of dollars from the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) during the height of the COVID-19 pandemic. She faces up to 30 years in prison. Seven other coconspirators previously pleaded guilty to wire and bank fraud conspiracy in connection with the defendant's scheme.
