Evening star., 1924-11-24


shander thinner. all Of Chicago. re-
turned with the word that I'VE found
nothing at ALL"
"It was just a scheme" they con-
tended upon landing in New York, ito
get US out OF the way until he could
make his getaway"
Koretz's family had invested in his
company wholeheartedly and were
left penniless when he fed. Mrs. Ko-
retz gave up their home in Evanston
and her personal Jewels to satisfy de-
mands Of creditors outside OF the
family. The Federal Government at
tached q fund Of money that Koretz
had left with her and other members
Of the family as dividends" from his
project.
Source Of Clues.
The clue that led to the capture Of
Koretz originated with a ChicagoRn
who had seen the missing man in the
East. This man, whose name was
not revealed, communicated with his
attorneys here and they in turn in
formed Abel Davis, trustee for the
bankrupt KoretZ estate. The states
attorneys offioe Immediately set to
work in running down the tip and
were rewarded early this week when
they learned the true identity of the
mysterious wealthy man who was
living in retirement in Nova Scotia.
Mr. Davis is trust officer OF the Chi
oago Title and Trust Company. which
firm had offered a reward of $4,000
for the arrest and conviction of Ko-
retz.
Son of Poor Parents.
Leo Koretz was the son Of parents
of little means. He worked in the
ofaces Of the law firm of Mayer,
Meyer, Austrian &c Platt, at the same
time studying law. After being ad-
mitted to the bar he practised at
his profession with indifferent Sue
cess
His interest in developing swamp
lands began several years later when
he went to Arkansas and converted
great marshy tracts into paying rice
fields. Returning to Chicago he sd-
vised his friends of his success and
they suggested that he organize q
company to further his project. The
rice fields. he said, were bringing in
returns with almost unheard of
rapidity.
Koretz told his associates that he
preferred financing the work him
self. but when they learned tia,
he was about to turn his hand to
similar reclamation in Panama he
was persuaded to organize a $1,000
900 corporation, but he refused to
sell stock without giving personal
notes in exchange for money received
This company was the first and the
most important of the Bayano River
trusts in which his family, business
associates and other wealthy friends
invested 50 heavily.
The promoter asserted that his
holdings along the Bayano River held
veritable lakes Of oil, flowing gold
that will make all my friends wealthy >
as he described them.
Had Many Schemes.
Although Koretz' swindle was pop.
ularly known as the "Bayano River
oil bubble his schemes took ir
other things than OIL
He had plans for building enor.
nous fortunes out Of timber. trop.
ical fruits, grains, railroads and
ranches in Panama. He also told his
prospective investors of rubber plan
tations and rice fields to be devel-
oped. Even hogs and sugar were
being considered. he suggested.
Attaches of the states attorneys
Office here have described the swim.
die as "the greatest confidence game
in the history OF the world Its
perpetrator lived an intensive social
life. owning several automobiles and
maintaining three luxuriously ap.
pointed Offices and q magnificent
North Shore home. He was known
in his set as a free spender, and II
was upon this clue that officers de-
pended most In seeking him after
as 6ieappeared .,..--. ~.