An executive at a bank in western Kansan is accused of embezzling over $47 million and is facing federal charges.

The U.S. Attorney’s Office has charged the Kansas man with embezzling millions of dollars from his former employer.

According to court documents, 52-year-old Shan Hanes of Elkhart is charged with one count of bank embezzlement.

Hanes previously served as the chief executive officer of Heartland Tri-State based in Elkhart. He is accused of intentionally defrauding the bank by willfully misapplying and embezzling approximately $47.1 million. He allegedly did this by initiating a series of wire transfers between May 2023 and July 2023 to purchase cryptocurrency for his personal benefit.

If convicted, Hanes faces a maximum penalty 30 years in prison.