The Legacy Of The Commissioner Who Was Indicted

In an earlier post, I wrote about Edwin M. (“Mike”) Daugherty who served as California’s Commissioner of Corporations from 1922 until 1926 and then from 1931 to 1954. He was succeeded by interim Commissioner Clifford J. MacMillan. Then in March 1927, Governor Clement C. Young appointed Los Angeles City prosecutor Jack Friedlander to the post.

Within two months of taking office, the Julian Petroleum Corporation collapsed. The downfall of the Julian Petroleum Company affected an estimated 40,000 investors who suffered losses of more than $150 million...

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Published In: Administrative Agency Updates, Business Organization Updates, Business Torts Updates, Elections & Politics Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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