It was July 2023, and Tucker was hosting a meeting of the board of Heartland Tri-State Bank, a community-owned business in a small Kansas town called Elkhart. Heartland was a beloved local institution and a source of Tucker family pride: Jim served on the board with his elderly father, Bill, who founded the bank four decades earlier. All the board members — the Tuckers and several other farmers and businesspeople — had known one another for years.
That evening, however, they were gathering to discuss what seemed, on its face, an epic betrayal. Over the past few weeks, the bank’s longtime president, a popular local businessman named Shan Hanes, had ordered a series of unexplained wire transfers that drained tens of millions of dollars from the bank. Hanes converted the funds into cryptocurrencies. Then the money vanished.
Tucker’s first inkling that something was wrong came from a friend, an investor in the bank who was close to Hanes. A few days before the board meeting, he confided to Tucker that Hanes had messed up: A wire transfer went out, supposedly to help a struggling customer, and now the bank was $30 million in the hole.
By the time the board members gathered, it was clear that Heartland was caught up in some sort of financial scam, a sophisticated grift that delivered its assets into the clutches of an overseas crypto crime network.
At the meeting, Hanes seemed oddly nonchalant, exuding the air of an overconfident salesman. Tucker had heard that he had spent the past week at an out-of-state leadership conference. “Guys, I’m sorry,” Hanes told the board. “But we’re going to get it fixed.”
Hanes promised that he could recover the money — a total of $47.1 million. All he needed was the board’s approval to borrow another $18 million. With the help of some business contacts, he said, he would use those funds to recoup the many millions he had already lost. His banking career was probably finished, he acknowledged. But the deal came with a sweetener that would allow him to start over. “The people I’m working with have built in money for me,” Hanes explained.
Tucker, a 50-year-old farmer, had no special expertise in finance. He grew up in Elkhart, graduated from Elkhart High School and returned after college to work on his family’s farm, a 12,000-acre expanse that he had helped manage for nearly 30 years. He was accustomed to people deferring to Hanes, whom his father considered a brilliant executive — the banking equivalent of Patrick Mahomes, the Kansas City Chiefs’ three-time Super Bowl-winning quarterback.