Sunset Pacific Oil Co Stock Shareholder Letter Julian Pete Ponzi Scheme c. 1934

Description

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Estate sale find, vintage original
Sunset Pacific Oil Co Stock Shareholder Letter Julian Pete Ponzi Scheme c. 1934.
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 million in debt to Associated Oil Company (see AOGHS stock list) 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.
The item measures approximately 8.5" X 11", approximate shipping weight 4 ounces.
PLEASE SEE DESCRIPTION AND PHOTOS FOR ADDITIONAL DETAILS - The item appears to be in overall Fair to Good Minus used condition, signs of wear, creases, fading, tears, chipping, sunning and age toning, soiling, stains, writing, no odors, please see images.
(C1A13-208)