Before Ponzi, Leo Koretz was Chicago's biggest con man
Leo Koretz projected himself as wealthy almost beyond imagination. He entertained royally, belonged to tony private clubs, had a box at the opera and drove a Rolls-Royce. What people didn't know at the time was that Koretz was a con man who had bilked naive investors to the tune of at least $2 million through a Ponzi scheme. Born to Jewish parents in what is now the Czech Republic, Koretz was brought to Chicago as a small child. He excelled at debate at Lakeview High School, went on to graduate from Chicago-Kent College of Law in 1901, and by 1917 he was selling stock in the Bayano River ...
Source: chicagotribune.com