In 1869, a daring bank robbery sent shockwaves through the financial district of New York City. The Ocean National Bank was then a coveted bank for businessmen and politicians. A huge amount was stolen and there were a lot of unanswered questions. The heist was meticulously planned and orchestrated by a cunning criminal and financed by a notorious underworld figure. The heist captured the public imagination and forever altered national banking security measures. Here are 15 facts about the great Ocean National Bank robbery.
Why this Bank?
The Ocean National Bank wasn’t just any bank. Located on a bustling corner of Greenwich and Fulton Streets in lower Manhattan, it was a financial institution on the rise. Established in 1863, the bank had a prestigious clientele that included prominent families, growing businesses, and even the U.S. government. This concentration of wealth made it a highly attractive target for criminals seeking a significant payday.
The mastermind enters
The mastermind behind the heist was George Leonidas Leslie, a man of many aliases, including George Howard and George Herbert. Leslie wasn’t your typical thug. He was an architect by trade, a graduate from the University of Cincinnati. However, his career was marred by controversy, with rumors about him paying his way out of Civil War service. Disgraced, he moved to New York City in 1869, where his architectural skills would be put to a different use – planning the meticulous Ocean National Bank heist.
There was an investor too!
The financial backing for the operation came from Fredericka “Marm” Mandelbaum, a notorious underworld figure. Mandelbaum wasn’t afraid to get her hands dirty. She ran a notorious gambling den and was known for her involvement in organized crime. Cash-strapped but ambitious, Leslie approached Mandelbaum with his plan, and she saw a golden opportunity. She agreed to fund the heist in exchange for a 10% share in the loot.
Months went into planning
The heist wasn’t a spur-of-the-moment act. Leslie, with his architectural background, meticulously planned every detail for three long months. He studied the bank’s layout, researched its security measures, and recruited a team of skilled criminals for specific tasks. The meticulous planning would become a hallmark of Leslie’s criminal career.
Was there an insider?
A crucial element of Leslie’s plan was an unnamed corrupt bank employee. Leslie, through his connections in the city’s underbelly, was able to identify a disgruntled bank employee who, for a certain price, agreed to provide access to the bank after office hours. With the help of the insider, Leslie was able to bypass the regular bank security with ease.
The “little joker”
Leslie was an innovator. He created a special tool, called the “little joker”, to bypass the combination lock of the vault. The exact design of the “little joker” remains a mystery still, but according to historical accounts, it was a small, ingenious device that allowed Leslie to manipulate the lock’s mechanism and gain entry into the vault.
It happened on a weekend
Saturday was the chosen day. Choosing Saturday was an intelligent option. With the bank closed and minimal foot traffic on the streets, Leslie’s team had ample time to crack the vault and make their escape without attracting immediate attention.
$768,879.94 was stolen
The heist was almost a million dollar one! $768,879.94 was stolen in cash, jewelry, and securities. When adjusted to modern times, it was almost 18 million dollars! Over the next few days, the stolen securities (bonds, stocks, and other financial instruments) were liquidated.
The biggest bank heist of its time
The audacious crime became the largest bank robbery in the then history of New York City. Prior to the Ocean National Bank heist, bank robberies were often smaller affairs that targeted local businesses or individuals. Leslie’s crime, however, was on a completely different scale. It shook public confidence in the banking system and forced banks to re-evaluate their security measures.
Leslie broke through three-tiered security
The Ocean National Bank had a formidable security system, way ahead for its time. The main vault was constructed of granite and lined with heavy iron plates. To gain access, thieves would have to breach three separate iron doors, each secured by a complex combination lock.
Breaching the inner sanctum
There were two additional safes within the main vault, which further delayed access to the wealth. These inner safes most likely held the most valuable stolen items, such as jewelry and invested securities. Accessing them would have required their own unique keys or combinations for access, adding another layer of complexity to the heist.
A manhunt was launched
News of the bank robbery spread like wildfire on Monday morning when bank employees arrived to discover the empty vault. The police department launched a city-wide manhunt, with detectives hot on the trail of the perpetrators. Leslie and his team had vanished, but detectives meticulously combed through the crime scene, in search for clues.
People lost trust on banks
The bank heist left New Yorkers feeling vulnerable and questioning the security of their financial institutions. Newspapers ran sensational headlines, detailing the audacity of the crime and the vast sum of money stolen. Public trust in banks wavered, with many rushing to withdraw their savings for fear that their bank might be next.
Leslie was caught
Leslie and his team were eventually caught. The corrupt bank employee cracked under intense questioning and revealed the involvement of Leslie. Law enforcement officials began to search for Leslie, beginning with the capture of his accomplices. Still, it was hard to capture Leslie and many believed he had left the country. Finally, the manhunt stopped after he was captured.
Where is the loot?
Leslie never revealed the location of the stolen money. Even though a minimal amount was recovered, the remaining riches continues to be a mystery. Leslie was eventually imprisoned. Some believed that the loot was buried somewhere upstate, while others thought it had been discreetly sold off piece by piece through a network of criminal fences. The truth behind the missing millions from the Ocean National Bank heist remains one of history’s unsolved mysteries.