Upon returning to London in 1820, Scottish military officer Gregor MacGregor proclaimed himself the 'Cazique' of Poyais, a sovereign nation allegedly located along the Black River in modern-day Honduras. MacGregor described Poyais as a tropical paradise with fertile soil, gold mines, friendly natives, and a thriving capital city equipped with paved streets and a parliamentary hall. He published a comprehensive guide book under a pseudonym detailing the geography and government of this mythical realm.
Enticed by visions of prosperity, hundreds of British investors bought Poyaisian land grants, exchanged valid Sterling for Poyaisian bank notes, and purchased sovereign Poyaisian bonds. In 1822 and 1823, seven ships carrying over two hundred hopeful settlers set sail for the territory. When the first settlers arrived, they found no cities, farms, or harbors—only dense, malaria-infested swamp and jungle.
More than half of the emigrants perished from tropical disease and starvation before rescue ships from Jamaica could intervene. Unbelievably, MacGregor fled to France and attempted the exact same scheme again, repeatedly evading punishment through legal loopholes.