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Individuals v. Figueroa (1986) 41 Cal.three-dimensional 714 , 224 Cal.Rptr. 719; 715 P.2d 680 [Crim. Zero. 24252. Supreme Judge out-of California. April 7, 1986.]
(View because of the Bird, C. J., having Mosk, Broussard, Grodin, JJ., and you may Takei (Taketsugu), J., concurring. Independent concurring view because of the Reynoso, J., with Lucas, J., concurring.)
John K. Van de- Kamp, Attorneys General, Edward P. O’Brien, Secretary Lawyer Standard, Derald E. Granberg and Robert Roentgen. Granucci, Deputy Lawyer General, to possess Plaintiff and you will Respondent.
The principal matter displayed by this attract is whether the latest demonstration legal, in the a prosecution to your sale out-of unqualified securities, erred [41 Cal.3d 718] during the instructing the brand new jury that certain “Business Promissory Cards” was in fact “securities” inside the meaning of the corporate Bonds Rules. (Corp. Code, § 25000 ainsi que seq. fn. 1)
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Joseph and you will Dennis Figueroa attract off a view out of belief to have you to definitely amount of selling unqualified ties. (§§ 25110, 25540.) New jury deadlocked into the 13 a lot more matters, seven so-called up against Joseph and you may five against Dennis. Afterwards, an effective mistrial is actually proclaimed toward men and women matters, in addition they was disregarded with the understanding that they may be noticed from the court to own restitution intentions. Both appellants were given regards to probation that have standards in addition to restitution, a suspended condition prison label, and you may society services.
In mid-March regarding 1979, Arlo Kurrle taken care of immediately an advertisement which in fact had appeared in the fresh new San Jose Mercury Development. The latest advertising stated “Solar & Times Organization. Companion wanted having $7,100000 or higher. Active or nonactive.” Kurrle entitled among several cell phone numbers listed in the fresh post and you will spoke to help you Joseph Figueroa, exactly who explained a preexisting insulation company with his want to build towards the solar energy.
Kurrle met Joseph and his son, Dennis, the next day. The newest Figueroas told Kurrle about Figueroa Insulation & Times Co., Inc. (Insulation) where Dennis try chairman. The fresh new solar powered energy company would be an enterprise. Kurrle found out about two other businesses, Figueroa Financial Insurance coverage Functions, Inc. (Insurance) and you can Figueroa Company & Financial Specialists (Financial).
Joseph and you may Dennis recommended one to Kurrle purchase $10,100000 within their providers. The bucks was to be used into purchase of insulation devices plus the laying out phones regularly obtain loan users.
On first fulfilling, Kurrle and you will Joseph discussed if or not Kurrle was to feel effective inside the the firm. http://www.paydayloansexpert.com/payday-loans-tx/ Kurrle expressed interest in which have an immediate part, perhaps about conversion process or administration parts.
A short while after, Kurrle called Joseph and you can wanted to provide the company $10,100. There’s zero dialogue about what setting Kurrle’s capital [41 Cal.three dimensional 719] do simply take, however, Kurrle “is convinced with respect to that loan . that could be noted.” When you look at the talk, Joseph informed Kurrle which he would be an officer in one single of your Figueroa providers.
Along the next a month, Kurrle paid back the money to your Figueroas in five separate payments evidenced of the four dos-year notes. fn. 2 This new notes would be to earn 10 % interest a-year. Kurrle had the substitute for take payment into the bucks otherwise offers of the providers. The brand new next loan fees, to own $2,500, constituted the foundation to the fees on which brand new Figueroas was sooner convicted. fn. step 3 Kurrle made that loan by giving the brand new Figueroas a payable to help you Dennis. The mortgage is actually witnessed by an excellent “Agency Promissory Mention” regarding Insulation which had been signed because of the Dennis. Into the relevant part it mentioned:
For the Worthy of Gotten, towards otherwise In advance of a couple of years just after day, as opposed to elegance The fresh new Figueroa Insulation & Times Company, Inc., promises to spend for the buy off Mr. Arlo Kurrle, out of San Jose, Ca otherwise at their house or office. [¶] The sum of $dos,five hundred a couple of thousand dollars & Five-hundred within speed away from 10% % annum until repaid. . [¶] . Their [sic] assented and understood, this agency notice is all due an [sic] payable inside 24 months off day with the note as well as [sic] next arranged and you may understood, one to attract will be reduced yearly [sic] yearly, but all due and you may payable April 27th, 1981. . “
