On 2 January 1955, Remón was ambushed at a race track and fired upon by three assailants armed with sub-machine guns.

During the initial investigation, an American, Martin Irving Lipstein, was arrested,[3] but later released when Rubén O. Miró, an attorney, confessed to the crime on 12 January 1955.

Lipstein also had an alibi, with several witnesses having seen him in places far away from the racetrack at which Remón was killed (the Hipódromo Juan Franco), at about the same time.

[citation needed] In his confession, Miró claimed that he had been acting on orders from José Ramón Guizado, who had succeeded Remón as president.

Miró, the son of a Supreme Court judge, was abducted in broad daylight as he exited a bank in downtown Panama City.