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Financier Motley H. Flint was shot and killed in July 1930 in a courtroom by machinist Frank D. Keaton. Keaton said that he lost $ 35,000 in Julian Pete stock and blamed Flint. Flint was formerly a vice-president of the
Pacific Southwest Trust and Savings Bank and had been indicted several times,
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In 1925, C.C. Julian sold his interest in the company for $ 500,000 to
Sheridan C. (S.C.) Lewis and Jacob Berman (alias Jack Bennett). The following year the company merged with California-Eastern Oil Company. An audit revealed the company had issued 4,200,000 unauthorized shares of stock and on
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was charged with accepting about $ 100,000 in bribes from Julian
Petroleum officials in connection with the acquittal of the accused officials. He was found guilty in February 1929 and sentenced to one to 14 years in prison. He served 19 months before being pardoned by Governor
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132:. The company sought out investors with colorful advertising such as: "Widows and Orphans, This Is No Investment for You! ... My appeal is addressed to people who can legitimately afford to take a chance." However, the
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S.C. Lewis and Jacob Berman were convicted in
November 1928 and were sentenced to seven years in prison on charges relating to the sale of nearly $ 1 million in gold bonds of the Lewis Oil Company.
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S.C. Lewis, Jacob Berman and stockbroker Ed
Rosenberg were acquitted in May 1928 on charges involving the Julian Pete fraud. However, District Attorney
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Finney, Guy W. "The Great Los
Angeles Bubble - A Present-Day Story of Colossal Financial Jugglery and of Penalties Paid." Milton Forbes Company. 1929.
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My First Forty Years In
California Politics 1922 - 1962 by Robert V. Keitny - Oral History Program University of California Los Angeles
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Tygiel, Jules. "The Great Los
Angeles Swindle: Oil, Stocks, and Scandal During the Roaring Twenties." Oxford University Press. 1994.
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halted trading in Julian
Petroleum. The company had created financial pools from 400 prominent local businessmen, including
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but the charges were dismissed or he was acquitted. He was awaiting trial on another indictment when he was killed.
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116:-based oil company. It collapsed in 1927 amid large-scale fraud, taking over $ 150 million from 40,000 investors.
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Financing
California Real Estate: Spanish Missions to subprime mortgages By Lynne P. Doti
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of conspiracy to defraud investors of $ 3.5 million. He then jumped bail and fled to
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Julian Petroleum was started by Courtney Chauncey ("C.C.") Julian in 1923.
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Hutson, William Gardiner. "My Friends Call Me C.C." Sunstone Press. 1990.
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District Attorney and appointed prosecutor in the trial of Asa Keyes.
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Baker, Lorin Lynn. "That Imperiled Freedom." Graphic Press. 1932.
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began investigating the company for fraudulent sales promotions.
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had been successful the previous year in drilling for oil in
277:"Motley's Crew Bilked Investors in Oil Stock Scandal"
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S.C. Lewis, Jacob Berman and stockbroker Ed Rosenberg
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235:Stock Scandal to Re-enter San Francisco Court
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196:, where he committed suicide in March 1934.
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324:New Vistas in Rottenness by Patrick Gaffey
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188:C.C. Julian faced charges in 1931 in
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275:Cecilia Rasmussen (March 16, 2003).
134:California Corporations Commission
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220:Jules Tygiel (December 3, 2006).
69:Courtney Chauncey ("C.C.") Julian
358:1927 crimes in the United States
112:(nicknamed "Julian Pete") was a
383:Companies based in Los Angeles
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130:Santa Fe Springs, California
110:Julian Petroleum Corporation
20:Julian Petroleum Corporation
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343:Fraud in the United States
147:Los Angeles Stock Exchange
363:Pyramid and Ponzi schemes
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16:Failed California company
378:Petroleum in California
237:The Nassau Daily Review
222:"What a money-gusher"
368:1920s in Los Angeles
279:. Los Angeles Times.
224:. Los Angeles Times.
373:Crime in California
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348:Financial scandals
180:Los Angeles County
145:May 5, 1927, the
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353:Corporate crime
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326:The Drill Press
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288:Further reading
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155:Louis B. Mayer
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239:June 25, 1927
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176:Buron Fitts
172:James Rolph
126:C.C. Julian
114:Los Angeles
55:Los Angeles
337:Categories
204:References
120:Background
99:Key people
59:California
167:Asa Keyes
161:Aftermath
93:Dissolved
190:Oklahoma
140:Downfall
34:Industry
80: (
75:Defunct
65:Founder
47: (
42:Founded
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328:2006
309:ISBN
297:ISBN
153:and
90:Fate
82:1927
78:1927
49:1923
45:1923
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53:in
37:Oil
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267:^
212:^
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