Sunset Pacific Oil Company (Los Angeles, California)
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Product Details
CompanySunset Pacific Oil Company
Certificate Type
Series A Stock
Date Issued
April 15, 1929
Canceled
Yes
Printer
Jeffries Bank Note Company
Signatures
Hand signed
Approximate Size
11" (w) by 7 1/2" (h)
Images
Show the exact certificate you will receive
Guaranteed Authentic
Yes
Additional Details
NA
Historical Context
A Canadian, C.C. (Courtney Chauncey) Julian, formed the Julian Petroleum Company in May 1923 in Los Angeles.
After witnessing the excitement created by the state’s booming petroleum industry, Julian created a vast Ponzi scheme camouflaged as an investment opportunity. Julian bilked millions of dollars from eager investors through aggressive sales and a continuous newspaper advertising blitz.
In what became known as the “Julian Pete Scandal,” the con man by April 1927 had peddled almost four million worthless stock certificates. There are many newspaper and magazine articles – and at least one book – about the Julian Petroleum Company and the swindle “that rocked Los Angeles.”
As Julian’s fraud collapsed, a well-known Los Angeles lawyer, Joseph Scott, was appointed by the court to serve as receiver along with H.L. Carnahan, a former California Corporation Commissioner. Scott and Carnahan created Sunset Pacific Oil Company from the remains of Julian Petroleum Company.
Sunset Pacific failed with $12 million in debt to Associated Oil Company and was ultimately reorganized into Sunset Oil Company in 1934. Shareholders of the former company received common stock shares in the new, with the former certificates cancelled.
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Additional Information
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