The Logbook: The 1963 attempt to corner the soybean oil market

In the early 1960s, one man tried to corner the market for soybean oil futures. His failed attempt triggered what became known as the “Salad Oil Scandal.”

In 1955, New Jersey-native Anthony De Angelis started the Allied Crude Vegetable Oil Refining Corporation (Allied Crude). Prior to founding his vegetable oil refinery, De Angelis had a history of run-ins with law enforcement, including one incident during which he sold substandard meat products to the U.S. government via the National School Lunch Act through his former company, Adolph Gobel Co. Adolph Gobel Co. ended up going bankrupt after getting hit with a large fine.