That's happened in several high profile bank robberies. In one robbery (I think it was a robbery on a airport hanger where they robbed an armored car company) they guys went to jail and they have some $18 million or so split between four dudes.

Even after trial, conviction and sentencing, the court reporter said the Feds still weren't able to recover around $5 million of the total money and have no idea what happened to it.