Economist Podcasts Scam Inc 1: Pigs in a barrel
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Feb 8, 2025 Jim Tucker, a board member of Heartland Tri-State Bank and a local farmer from Elkhart, Kansas, shares insights on a shocking financial scandal that rocked his community. He reveals how the CEO's illicit transfer of $47.1 million unveiled issues of trust and betrayal among board members. Tucker also discusses the alarming rise of 'pig butchering scams'—a clever con where victims are lured through emotional manipulation. His captivating stories illustrate the blend of rural life, trust, and the evolving landscape of modern scams.
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Bank Collapse in Kansas
- Heartland Tri-State Bank CEO, Shane Haynes, wired $47.1 million to a cryptocurrency exchange, leading to the bank's collapse.
- Initially, Haynes claimed the money was locked up in overseas cryptocurrency investments and asked for $19 million more to recover it.
Evolving Scams
- Online scams are evolving beyond simple phishing emails into a vast criminal industry.
- These sophisticated scams now rival the illicit drug trade in scale.
Pig Butchering
- Jim Tucker learned about "pig butchering", a scam involving building trust before financially exploiting victims.
- In 2023, Americans lost billions to such scams, with actual losses likely much higher.