The First National Bank of Humboldt and its shareholders were the primary victims of what the "Des Moines Register" described as “one of the most spectacular white-collar crimes in state history.” In 1982 Humboldt native Gary Vance Lewellyn, then a Des Moines stockbroker, attempted to pump up the value of the stock of a high-tech company by singlehandedly creating phony market demand for it. To carry out the scheme, he illegally obtained access to bonds of the First National Bank of Humboldt valued at $16.7 million, and secretly pledged the Bank's bonds as security for his personal orders of the company's stock through Wall Street investment firms. When Lewellyn missed margin calls on his stock purchases, the firms obtained the bonds. Suspicious federal regulators closed the Humboldt Bank when it could not account for its missing bonds (and considered, but rejected, the idea of liquidating it). Its accountholders were protected by federal insurance but the shares in the bank became worthless. For his crime, Lewellyn was sentenced to twenty years in prison, but served only five years. Lewellyn died in 2012.