The Great Waggoner Swindle

The Great Waggoner Swindle. . , The Depression of 1929 struck Telluride swiftly and mercilessly. The president of the Bank of Telluride, Charles D. Waggoner, knew the bank faced an inevitable collapse. With the nation's sudden economic decline, the bank's assets were wiped out; only the confidence of its patrons remained. Waggoner grieved for the people of Telluride losing all their hard earned savings. , On August 30, 1929, Waggoner travelled to Denver to execute a plot to save his bank. Through a tangled web of illegal transactions, Waggoner swindled a total of half a million dollars from five New York banks. Waggoner used this money to pay the bank's voluminous debts. His swindle provided temporary funds for reimbursement to depositors. When the bank's liabilities were secured, Waggoner fled. , The swindle was discovered within a few days, and shortly thereafter, the Bank of Telluride closed. , A coast to coast search began for the Telluride banker. Waggoner was peacefully arrested in Wyoming a few weeks later. , In the Daily Sentinel of February 15, 1939, Waggoner confessed, “I knew exactly what I was doing. There is no one to blame but myself.” He concluded, “The bottom had dropped out of things in Telluride and a desperate move was necessary. I would rather see the New York banks lose money than the people of Telluride, most of whom had worked all their lives for the savings which were deposited in my bank.” , Waggoner was sentenced to fifteen years in a federal penitentiary. , Telluride will always remember Charles D. Waggoner; the Robin Hood who stole from the rich to protect the people of Telluride. , This building housed the Bank of Telluride until 1929.