David Marchese

Troubled by what Haynes had told him, Mitchell alerted some contacts at Heartland, and within weeks, the board was holding its crisis meeting, demanding an explanation. By the end of July, the Kansas banking regulator was examining Heartland's accounts, and a procession of state and federal agencies descended on Elkhart. Heartland was insolvent.

Troubled by what Haynes had told him, Mitchell alerted some contacts at Heartland, and within weeks, the board was holding its crisis meeting, demanding an explanation. By the end of July, the Kansas banking regulator was examining Heartland's accounts, and a procession of state and federal agencies descended on Elkhart. Heartland was insolvent.

On July 28, 2023, cargo vans and black SUVs surrounded the bank building on Morton Street. Staff members gathered in the lobby where David Herndon, the Kansas banking commissioner, told them that Heartland would shut down. On Monday, he said, it would reopen with a new owner, a company called Dream First, based a couple of counties over. None of the bank's customers would lose their deposits.

On July 28, 2023, cargo vans and black SUVs surrounded the bank building on Morton Street. Staff members gathered in the lobby where David Herndon, the Kansas banking commissioner, told them that Heartland would shut down. On Monday, he said, it would reopen with a new owner, a company called Dream First, based a couple of counties over. None of the bank's customers would lose their deposits.

Those federally insured accounts would move over to Dream First. But shares in the bank's holding company were now worthless, erasing years of investment gains. Many of the shareholders lost the bulk of their savings, retirement nest eggs and emergency funds. The day of the closure, Tucker and his father joined the staff in the bank lobby.

Those federally insured accounts would move over to Dream First. But shares in the bank's holding company were now worthless, erasing years of investment gains. Many of the shareholders lost the bulk of their savings, retirement nest eggs and emergency funds. The day of the closure, Tucker and his father joined the staff in the bank lobby.

An hour earlier, Tucker helped the older man find the signature line on the government paperwork that dissolved the business their family started in 1984. It was probably one of the hardest things I've ever had to do, Tucker said. We still didn't understand why. We didn't understand what happened.

An hour earlier, Tucker helped the older man find the signature line on the government paperwork that dissolved the business their family started in 1984. It was probably one of the hardest things I've ever had to do, Tucker said. We still didn't understand why. We didn't understand what happened.

The Tuckers lost $1.4 million worth of shares, and with them, a source of wealth that Jim had hoped to pass on to his children. In the lobby, he and his father listened as the president of Dream First delivered a pep talk to Heartland's staff, telling them, if you dream it, we can help you achieve it. At the teller's counter, two young women were crying.

The Tuckers lost $1.4 million worth of shares, and with them, a source of wealth that Jim had hoped to pass on to his children. In the lobby, he and his father listened as the president of Dream First delivered a pep talk to Heartland's staff, telling them, if you dream it, we can help you achieve it. At the teller's counter, two young women were crying.

The building was full of people Tucker didn't recognize, presumably government officials overseeing the bank's closure. Some of them carried step stools, ladders, and power tools. They pushed the furniture to the perimeter of the room and took apart the bank's security system, removing the cameras.

The building was full of people Tucker didn't recognize, presumably government officials overseeing the bank's closure. Some of them carried step stools, ladders, and power tools. They pushed the furniture to the perimeter of the room and took apart the bank's security system, removing the cameras.

Then they fanned out into the rest of the bank and carried away laptops and computers, piling the hardware into the cars parked outside. The two Tuckers watched it all unfold in front of them. Just watching it melt, Jim Tucker recalled, burned to the ground right there before our eyes. The failure of Heartland thrust Elkhart into a state of fear and confusion.

Then they fanned out into the rest of the bank and carried away laptops and computers, piling the hardware into the cars parked outside. The two Tuckers watched it all unfold in front of them. Just watching it melt, Jim Tucker recalled, burned to the ground right there before our eyes. The failure of Heartland thrust Elkhart into a state of fear and confusion.

Nobody could quite believe what happened, but everyone seemed to agree that the money was gone. Wire transfers out of the bank spiderwebbed into an array of untraceable crypto wallets, a federal investigator explained in court last year. There is no indication that anyone knows where it is at this point, he said, or how to access it.

Nobody could quite believe what happened, but everyone seemed to agree that the money was gone. Wire transfers out of the bank spiderwebbed into an array of untraceable crypto wallets, a federal investigator explained in court last year. There is no indication that anyone knows where it is at this point, he said, or how to access it.

Still, a few clues emerged on the blockchain, a public ledger of crypto transactions. Many crypto scammers are based in Southeast Asia, where organized crime rings run pig butchering operations out of abandoned hotels and casinos. At least some of the money that Haines stole may have ended up in the hands of an organization that targeted other Americans.

Still, a few clues emerged on the blockchain, a public ledger of crypto transactions. Many crypto scammers are based in Southeast Asia, where organized crime rings run pig butchering operations out of abandoned hotels and casinos. At least some of the money that Haines stole may have ended up in the hands of an organization that targeted other Americans.

In 2023, the scammers who approached Haynes appear to have orchestrated a similar plot that ensnared a wealthy Minnesotan, according to the crypto forensics firm Chainalysis, which analyzed the Heartland case at the request of the New York Times. The man was approached on LinkedIn by a woman who urged him to invest in crypto and to leave his wife for her. He lost more than $9 million.

In 2023, the scammers who approached Haynes appear to have orchestrated a similar plot that ensnared a wealthy Minnesotan, according to the crypto forensics firm Chainalysis, which analyzed the Heartland case at the request of the New York Times. The man was approached on LinkedIn by a woman who urged him to invest in crypto and to leave his wife for her. He lost more than $9 million.