John McCandish King

John McCandish King
Born	Template:Birth date Chicago, Illinois, U.S.
Died	January 13, 2016(2016-01-13) (aged 88) Denver, Colorado, U.S.
Occupation(s)	Businessman, politician
Years active	1950–1976
Known for	Youngest person elected to Illinois House of Representatives since Stephen A. Douglas; founder of King Resources; involvement in Investors Overseas Service fraud

John McCandish King (February 15, 1927 – January 13, 2016) was an American businessman in the petroleum sector and a politician affiliated with the Republican Party. He was one of the youngest individuals ever elected to the Illinois House of Representatives and later became entangled in a fraudulent scheme connected to Investors Overseas Service.

Early life

King was born in Chicago, Illinois and pursued higher education at the University of Washington, Wheaton College, and Northwestern University, although he did not complete a degree. While studying, he held the position of national president for the College Republicans.

Illinois House of Representatives

In 1950, King won election to the Illinois House, taking over from Lottie Holman O'Neill. At that time, he was the youngest person elected since Stephen A. Douglas, a milestone only surpassed decades later in 2015. During his legislative service, he married Carylyn Becker; after their divorce, he remarried Mary Louise Gabriel.

After a reapportionment in the mid-1950s split the 41st district—which included DuPage and Will counties—King campaigned in the newly formed 36th district but was defeated in a competitive primary featuring sixteen contenders.

Business career

King ventured into oil exploration by investing $1,500 in a friend's Oklahoma-based enterprise. Upon departing from the Illinois House, he dedicated himself fully to this industry, initially working with King-Stevenson Oil Company in Chicago before establishing King Resources headquartered in Denver, Colorado.

Starting in 1966, through his Colorado Corporation, King marketed two hedge funds—Imperial American and Royal Resources—with King Resources as one of their clients. These drilling funds boosted King's earnings by a factor of ten. By 1969, King Resources controlled reserves amounting to 7 million barrels of crude oil and 258 billion cubic feet of natural gas across the United States and Canada. The company's activities broadened to include mining ventures such as oil exploration in the North Sea, molybdenum extraction near Revelstoke, British Columbia, and iron ore mining operations in Quebec.

In 1970, King Resources experienced a staggering loss of $53 million within a single month, which led to workforce reductions by half and King's resignation from the company. Subsequently, he attempted to rescue the faltering Investors Overseas Service operations in Europe but was unsuccessful and eventually filed for bankruptcy.

Cervi's Journal ironically honored King as a 1971 Denver Man of The Year for "demonstrating how wealthy individuals can reduce their living expenses."

In 1976, legal charges were brought against King and Boucher for defrauding approximately 150,000 IOS shareholders by overstating values of Arctic oil and gas permits. King received a one-year prison sentence for his role in this fraud.

Other political activities

King held the role of vice-chairman on the Republican National Committee Finance Committee. During the 1968 U.S. presidential election, he contributed $750,000 to Richard Nixon's campaign and maintained connections within Nixon's administration. King advocated for funneling campaign contributions directly to congressional candidates rather than through traditional avenues—an approach that ultimately resulted in an illegal fundraising scheme orchestrated by Harry S. Dent Sr., leading to Dent's conviction. Nixon appointed King as his personal envoy with ambassadorial status to represent him at the 1970 Japan World Expo.

In the 1974 Senate elections, King ran as an independent candidate in Colorado but captured only around 2% of the vote.

Death

King passed away on January 13, 2016, in Denver, Colorado. He was preceded in death by none and survived by his wife, four children, and former spouse.