A trusted small-town banker in Elkhart, Kansas fell victim to an overseas crypto "pig butchering" scam, stealing $47.1M from his own community bank to feed it, reports the New York Times in this lengthy and engrossing feature story.
Shan Hanes, president of Heartland Tri-State Bank, was approached on social media by scammers who convinced him to invest, first his own money then the bank's. His theft forced the bank's closure, wiping out local shareholders' savings.
After being sentenced to 24 years in prison, Hanes claimed he believed it was a legitimate deal until the end. The FBI later recovered $8M, but the betrayal shattered the close-knit farming community's trust.
One board member said of the bank's ruin: "Just watching it melt. Burn to the ground, right there before our eyes."
Previously:
• Undercover video exposes massive 'Pig Butchering' romance scam center in Dubai
