It was known as one
of the most notorious mine swindling scandals of the time.
Salting mines was a common swindle back then
but Kentucky cousins Phil Arnold and Tom Slack took it one step further. They walked into a bank and tried to deposit
some uncut diamonds. When asked about
where they got them, the two men put on a shy act about talking about it and
left. A bank director located them and, assuming he was dealing with some
country bumpkins, he set in motion his plan to swindle the swindlers. He got investors lined up and paid the two
men $600,000.
A geologist and mining engineer, Clarence King, got
suspicious and after checking out the mine, blew the whistle. He even found jewelers marks on some of the
salted diamonds! King’s role earned him fame and the first directorship of the
U.S. Geological Survey.
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