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Nevada's Biggest Fraud: $8.6M Stolen
Description
Nevadas State Treasurer and Controller, Ed Malley and George Cole, were arrested in 1927 for embezzling $516,322.66 from state funds over seven years. They funneled the money into the Signal Hill Oil Company, but the scheme unraveled when bank cashier H.C. Clapp was caught and turned informant. The fraud, totaling over $8.6 million today, left Nevada struggling financially. Malley, Cole, and Clapp were convicted, serving prison terms. Nevada recovered by legalizing gambling four years later.
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