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Supreme Legal of Ca

Anyone v. Figueroa (1986) 41 Cal.three-dimensional 714 , 224 Cal.Rptr. 719; 715 P.2d 680 [Crim. No. 24252. Finest Legal out of California. April eight, 1986.]

(View from the Bird, C. J., that have Mosk, Broussard, Grodin, JJ., and you can Takei (Taketsugu), J., concurring. Independent concurring advice because of the Reynoso, J., having Lucas, J., concurring.)

John K. Van de Kamp, Attorney General, Edward P. O’Brien, Secretary Attorney General, Derald Elizabeth. Granberg and you will Robert Roentgen. Granucci, Deputy Attorney General, for Plaintiff and you may Respondent.

The principal matter shown through this focus is whether or not the fresh new trial judge, during the a beneficial prosecution into the revenue off unqualified bonds, erred [41 Cal.3d 718] into the training the jury that one „Business Promissory Notes” was basically „securities” during the meaning of the organization Bonds Legislation. (Corp. Code, § 25000 et seq. fn. 1)

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Joseph and you may Dennis Figueroa notice of a wisdom away from belief to have you to definitely amount out of attempting to sell unqualified securities. (§§ 25110, 25540.) The latest jury deadlocked towards thirteen most matters, seven so-called facing Joseph and five against Dennis. Thereafter, good mistrial is actually declared on those individuals matters, in addition they were overlooked for the understanding that they may be sensed of the judge for restitution intentions. One another appellants got terms of probation with criteria together with restitution, a dangling state jail title, and community provider.

For the mid-February from 1979, Arlo Kurrle responded to a promotion which in fact had appeared in new San Jose Mercury News. The brand new post stated „Solar & Time Company. Companion need with $eight,100 or even more. Energetic otherwise nonactive.” Kurrle entitled one of several one or two phone numbers placed in the newest advertising and spoke in order to Joseph Figueroa, just who demonstrated a preexisting insulation company with his desire to expand on solar powered energy.

Kurrle came across Joseph and his man, Dennis, 24 hours later. The new Figueroas advised Kurrle about Figueroa Insulation & Energy Co., Inc. (Insulation) at which Dennis try president. The newest solar power company could getting an organization. Kurrle heard of a couple of others, Figueroa Economic Insurance coverage Services, Inc. (Insurance) and you will Figueroa Providers & Monetary Consultants (Financial).

Joseph and you will Dennis advised you to Kurrle purchase $ten,000 inside their team. The cash were to be used on purchase of insulation products while the installation of telephones regularly get loan customers.

In the very first meeting, Kurrle and you will Joseph chatted about whether Kurrle was to end up being effective from inside the the firm. Kurrle expressed need for with a direct part, possibly about conversion process otherwise administration portion.

A few days after, Kurrle called Joseph and you will wanted to lend the organization $10,100. Discover zero discussion on what function Kurrle’s funding [41 Cal.3d 719] perform bring, however, Kurrle „is actually thought with regards to that loan . that will be recorded.” Within the discussion, Joseph advised Kurrle which he would-be a police in one of the Figueroa firms.

Along side second a month, Kurrle reduced the money to your Figueroas from inside the five independent installment payments evidenced from the four 2-seasons notes. fn. 2 The fresh new notes would be to secure 10 % notice per year. Kurrle met with the substitute for grab percentage from inside the dollars otherwise shares of your own company. The newest fourth mortgage installment, to own $2,500, constituted the foundation to the charges on which the brand new Figueroas have been at some point convicted. fn. step 3 Kurrle made a loan by providing the latest Figueroas a check payable so you can Dennis. The loan try witnessed by the an effective „Corporation Promissory Note” out of Insulation that was signed by Dennis. For the associated area it stated:

Toward Worthy of Gotten, into the otherwise Before 2 yrs once date, rather than sophistication New Figueroa Insulation & Time Organization, Inc., promises to pay toward purchase out-of Mr. Arlo Kurrle, from San Jose, California otherwise at the his home or office. [¶] The sum $dos,500 a couple of thousand bucks & Five-hundred from the speed regarding 10% per cent annum up until paid down. . [¶] . Its [sic] conformed and you will understood, that this organization notice is due an [sic] payable during the a couple of years regarding go out with the note and its own [sic] subsequent conformed and you can knew, that interest is going to be paid down yearly [sic] annually, however, every owed and payable April 27th, 1981. . „

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