December 18, 1923 - Topics on Newspapers.com

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News from December 18, 1923 (The Post-Star, via Newspapers.com™)

Disappearance of Leo Koretz, the “Panama Oil Magnate”

In December 1923, prominent figure Leo Koretz, known as the “Panama oil magnate”, suddenly disappeared. Authorities reported that Koretz had gathered considerable wealth from individuals who invested millions in his business ventures.

Investigations into his disappearance revealed Koretz’ penchant for a luxurious lifestyle. It was uncovered that he maintained numerous residences in large cities including New York, Chicago, Hot Springs, Ark., Colorado Springs, San Francisco, and Los Angeles.

As inquiries progressed, there were revelations of his complex personal relationships, involving multiple women. An intriguing observation was that two women had employed a private detective agency to monitor activities at Koretz’ office, specifically the women visiting there. Subsequent findings uncovered that these women were in fact the wives of two businessmen from Chicago.

One notable individual involved was Mrs. Salo Auerback, the wife of a famous Chicago theatrical person. It was anticipated that Mrs. Auerback would play a significant role in the investigation of Koretz’ multi-faceted lifestyle due to her close association with the alleged swindler.

As the year 1923 neared its end, the search for Leo Koretz continued. Even in his absence, the man known as the “Panama oil magnate” still baffled both the public and authorities.

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