1834: Johann August Sutter, a cloth merchant based in Burgdorf in the canton of Bern in Switzerland, went bankrupt with fraudulent intent and was subsequently wanted on an arrest warrant. To escape the authorities, Suter immigrated to the United States and briefly became the richest man in the world thanks to his entrepreneurial activities and land holdings. Much gold was found on his California land during the gold rush and prospectors contested his ownership. In the end, Suter lost his entire fortune.