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Meet The Man Who Found Lost Treasure, But Ended Up In Jail

Lovemoney Logo By Daniel Coughlin of Lovemoney | Slide 2 of 28: The story starts on 24 August 1857 when the Ohio Life Insurance and Trust Company announced that its New York offices had stopped payments, sending shockwaves through the entire US financial industry. Concerned that the collapse of the Ohio Life Insurance and Trust Company would set off a domino effect and potential run on the banks, several financial institutions banded together and arranged for an unprecedented cargo of Californian gold to be transported from Panama to New York.

Emergency gold

The story starts on 24 August 1857 when the Ohio Life Insurance and Trust Company announced that its New York offices had stopped payments, sending shockwaves through the entire US financial industry. Concerned that the collapse of the Ohio Life Insurance and Trust Company would set off a domino effect and potential run on the banks, several financial institutions banded together and arranged for an unprecedented cargo of Californian gold to be transported from Panama to New York.
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