Empire of Deception: The Incredible Story of a Master Swindler Who Seduced a City and Captivated the Nation

Before Bernie Madoff, before even Charles Ponzi, there was Leo Koretz. In 1920s Chicago, the unsuccessful lawyer began his foray into crime by selling fake mortgages, using the money from new investors to pay the dividends to previous buyers. He dabbled in land speculation of all kinds, but his real fortune came when he "struck oil" on land in Panama. Jobb (journalism, Univ. of King's Coll., Canada; The Cajuns) details how Koretz was a master of reverse psychology; he would leak the news of his great investment and make his "marks" beg to be allowed to invest. Then he foolishly allowed some of his investors to examine the oil fields for themselves. By the time they understood the deception, Koretz had disappeared without a trace. He hid in Nova Scotia, living an outrageous lifestyle, until by a fluke he was recognized and brought back to Chicago to meet his fate. The swindler died in prison soon after, but his techniques live on in today's headlines as the attraction of getting something for nothing has never died.