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Electric Sugar Refining Company
The Electric Sugar Refining Company was a company founded in 1884 to commercialize a sugar refining process supposedly invented by "Professor" Henry Friend. The company collapsed in 1889, after it was revealed that Friend's process was a complete fabrication.
==Background==
Emily Howard and her daughter, Olive Friend, orchestrated a hoax on Wall Street starting around 1884, with the help of their husbands and other family members.
They told potential investors they had a secret process to refine sugar with an electric sugar refining machine. They needed investments to set up a refinery and make huge profits with this invention. And, most importantly, the investors believed they were going to become rich beyond their wildest dreams when the refinery went into full production.〔“The Great Sugar Scandal of 1888” by Martha A. Churchill, Michigan History magazine, August 2013〕
After Christmas, 1888, the investors noticed the refinery work had stopped. Soon they realized they had been the victims of a scam that covered New York, and investors elsewhere in the US and Europe.〔Telegraphic Journal and Electrical Review -1889 - Volume 24 - Page 27 "THE credulous and unsuspecting Robert Roberts referred to as the largest English shareholder in the Electric Sugar Refining Company, is the leading spirit of an obscure and superstitious religious sect known as the Christadelphians.〕 This hoax remained in the national media spotlight for years as the matter wound through the court system in Washtenaw County, Michigan〔The Ann Arbor Argus, article about a trial involving Olive Friend for the Sugar Scandal, published June 10, 1892〕 and in New York.〔St. Louis Republic newspaper, June 12, 1889, headline "The Big Sugar Fraud-- Electric Swindlers' Secret Points Pitilessly Laid Bare"〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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