Northville Man Sues, Wants Chevron Stock at 2004 Price

The meteroric rise of San Ramon, CA-based Chevron's stock has created an interesting predicament for a former lawyer from Northville, according to a story by the Associated Press.

Because of an alleged mix-up when trying to invest $100,000 in the company in 2004 — a stock bet that would have doubled in the past seven years — Perry Christy said he never had the money deducted from his bank account and has no records to show he actually owns a certain amount of shares.

His proposed solution? Christy is suing Chevron and Mellon Investor Services and wants a federal judge to declare that he should be credited with buying the stock at the June 2004 price in addition to any shares that would have accumulated by reinvesting dividents. At that point he would pay $100,000, according to the report.

Chevron, however, smells a scam and suggested to the Associated Press that the botched investment is a lie. It wants the case dismissed. 

According to the report, Christy created a Chevron account in 2004 and has a document saying his shared had been entered. But there is no dispute, according to the story, that money ever changed hands. 

You can read the full story here.