Legend has it that when asked why he robbed banks, the infamous 20th century bank robber Willie Sutton said, “Because that’s where the money is.” In the 21st century, banks still have the money, but the approach to robbing has changed considerably. Caleb and Greg discuss one such case that features astonishingly deceitful methods.
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- (00:00) - A Bank Robbery in Elkhart
- (01:06) - Meet Your Hosts: Caleb and Greg
- (02:04) - Listener Reviews: The Good, The Bad, and The Ugly
- (04:24) - Greg's Major Work Screw-Up
- (12:19) - Welcome to Elkhart Kansas
- (18:28) - The Rise and Fall of Heartland Tri-State Bank
- (25:52) - Unveiling the Pig Butchering Scam
- (26:47) - What is Pig Butchering?
- (33:29) - The Bank CEO's Desperate Gamble
- (41:39) - The Aftermath and Investigation
- (51:32) - Shan Hanes Charged
- (54:45) - Lessons Learned and Final Thoughts
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CONNECT WITH THE HOSTS
Greg Kyte, CPA
Twitter: https://twitter.com/gregkyte
LinkedIn: https://www.linkedin.com/in/gregkyte/
Caleb Newquist
Twitter: https://twitter.com/cnewquist
LinkedIn: https://www.linkedin.com/in/calebnewquist/
Email us at ohmyfraud@earmarkcpe.com
Sources:
- Cimarron National Grassland [NPS]
- Santa Fe National Historic Trail [NPS]
- Dust storm. Elkhart, Kansas [Library of Congress]
- Map of states and counties affected by the Dust Bowl between 1935 and 1938, originally prepared by the Soil Conservation Service. [Wikipedia]
- What took down this Kansas bank? It’s a secret, but what saved depositors isn’t. [Kansas Reflector]
- A $12 Million Request to Cover a Crypto Scam Sank a Bank CEO [Bloomberg]
- Testimony of: Shan Hanes before the Senate Committee on Financial Institutions and Insurance regarding Providing Equal Opportunity to Credit for Kansas [January 19, 2021]
- ‘Huge scam’ in rural Kansas town fells fourth U.S. bank in 2023 [Kansas Reflector]
- Shan Hanes Bio [U.S. Congress]
- A bank failure shattered trust in this Kansas town. Only honest talk will heal it. [Kansas Reflector]
- Dream First Bank, National Association, of Syracuse, Kansas, Assumes All of the Deposits of Heartland Tri-State Bank of Elkhart, Kansas [FDIC]
- HEARINGS BEFORE THE SUBCOMMITTEE ON COMMODITY EXCHANGES, ENERGY, AND CREDIT OF THE COMMITTEE ON AGRICULTURE HOUSE OF REPRESENTATIVES ONE HUNDRED SIXTEENTH CONGRESS [Nov 19, 2019; Dec. 11, 2019]
- ‘Huge scam’ in rural Kansas town fells fourth U.S. bank in 2023 [Kansas Reflector]
- FinCEN Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering” [FinCEN]
- Former Kansas bank executive charged with embezzling $47 million [DOJ]
- Fmr. executive pleads guilty after losing bank’s $47.1 million in crypto scheme [DOJ]
- Failed Bank Information for Heartland Tri-State Bank, Elkhart, KS [FDIC]
- Heartland Tri-State Bank - Elkhart, KS Frequently Asked Questions [FDIC]
- Material Loss Review of Heartland Tri-State Bank [OIG FRB CFPB]
- Material Loss Review of Heartland Tri-State Bank Evaluation Report [OIG FRB CFPB]
- Former Kansas bank executive charged with embezzling $47 million [DOJ]
- Fmr. executive pleads guilty after losing bank’s $47.1 million in crypto scheme [DOJ]
- Pig Butchering Scams: Last Week Tonight with John Oliver (HBO) [YouTube]
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