People v. Talbot

220 Cal. 3 (1934)

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Nature of the Case

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Facts

Talbot was chairman of the board of directors of the Richfield Oil Company of California, Fuller was president and McKee a vice-president and assistant to Talbot. Talbot had charge of financing and production, Fuller of refining and marketing and McKee of accounting. Ds were charged with having conspired to take from the company $245,325, which is the sum total of the nine overt acts. Ds were the principal officers in the Richfield Oil Company, and they used corporate funds to speculate on the stock market in 1929. D's were not conscious of the fact that their use of the money was embezzlement. The monies were taken openly through drawing accounts and no attempt to conceal the crime was made. Ds also contended that the practice of making advances of this sort to corporate officers and employees was common not only in Richfield but also in other companies as well. Ds were charged with conspiracy to commit the crime of grand theft, and in the remaining nine counts with nine separate offenses of the same nature. Ds were tried jointly on all counts before the court without a jury, the trial resulting in an acquittal of all three on the charge of conspiracy. Each of the Ds was found guilty of at least one count of grand theft. D was found guilty and appealed. The Court of appeals affirmed.