1. When you shoot your partner to prove you’re not in working together.

2. Pretending to catch a criminal in the act that you are in fact working with.

3. Con-artist pretending to turn on each other in-order to dupe the Mark.
1. Richard Rovair used the old Toledo Panic Button tactic and shot his friend then pretended to give chase when the Mob Boss caught them stealing. Lucky for his friend it was only a flesh wound.

2. Tommy didn't almost get shot by accident. Hughes Johnson pulled a Toledo Panic Button on him when when his neighbors came home they found Tommy and Hughes inside their house, and their expensive plants being stolen. Hughes said he heard a strange noise, went to check it out, and saw someone stealing. His neighbors think Hughes is a hero now.

~EmptyFace
by RICHARD ROVAIR of EmptyFace February 28, 2015
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The one that if someone presses it right, and the partner doesn't die, they never have to come up with a Fort Wayne Panic Button or a Flint Panic Button. If you tried to do it with someone you didn't trust though, at least one person could die.
These two guys doing the Toledo Panic Button didn't seem too trustworthy, so the new guy declined when they asked him if he wanted to do it, even if they thought he was a bitch for it.
by The Original Agahnim July 30, 2021
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