Article Gold Accumulator
Type: Scam.
Summary: A con artist lured investors with a machine that could supposedly suck gold out of the sea.
Summary: A con artist lured investors with a machine that could supposedly suck gold out of the sea.
In 1897 Prescott Ford Jernegan dazzled investors with his gold accumulator. When lowered into the ocean, this contraption sucked particles of the precious metal out of the surrounding waters. Hours later when it was lifted above the waves, it was coated in solid gold. Knowing a good thing when they saw it, investors shelled out $300,000 to buy stock in his new company. Unfortunately the success of the device had more to do with the diving skills of Jernegan’s accomplice than it did with any accumulative powers the machine might have had. Jernegan managed to flee to France with over $100,000 before the scam was found out.