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The Intelligence from The Economist
Scam Inc 1: Pigs in a barrel
Feb 8, 2025
Shane Haynes, former CEO of Heartland Tri-State Bank, shares his harrowing experience as a victim of a pig butchering scam, which led to the bank's collapse. Jim Tucker, a board member and local farmer, reflects on the community's shock and disbelief as over $47 million vanished. They explore the psychological manipulation behind such scams and the emotional toll on victims, illustrating how trust can be exploited in both finance and personal relationships. Their stories underscore the broader implications of trust in isolated communities.
41:31
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Quick takeaways
- The podcast reveals how a trusted bank CEO fell victim to the 'pig butchering' scam, leading to a devastating financial collapse.
- Personal stories, like that of Karina who lost $152,000, illustrate the emotional manipulation tactics used by scammers to exploit victims.
Deep dives
The Collapse of Heartland Tri-State Bank
In July 2023, Heartland Tri-State Bank in Elkhart, Kansas, suffered a significant crisis when over $47 million was secretly transferred to the cryptocurrency exchange Kraken. This alarming situation was initiated by the bank's CEO, Shane Haynes, who had been a trusted figure in the community for years. Board member Jim Tucker and his associates convened to investigate the matter discretely after being alerted to concerns from within the bank. The shocking discovery that the bank's own leader was behind the missing funds led to a rapid collapse of the institution, undermining the trust of local farmers and residents who depended on its stability.
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Discover
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