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Somebody v. Figueroa (1986) 41 Cal.three-dimensional 714 , 224 Cal.Rptr. 719; 715 P.2d 680 [Crim. Zero. 24252. Ultimate Courtroom regarding California. April seven, 1986.]
(Opinion from the Bird, C. J., that have Mosk, Broussard, Grodin, JJ., and you will Takei (Taketsugu), J., concurring. Independent concurring thoughts by Reynoso, J., that have Lucas, J., concurring.)
John K. Van de- Kamp, Attorney Standard, Edward P. O’Brien, Assistant Attorneys Standard, Derald Age. Granberg and you can Robert R. Granucci, Deputy Attorney Standard, to own Plaintiff and you may Respondent.
The principal question exhibited by this appeal is whether the demo court, when you look at the an excellent prosecution towards sales away from unqualified securities, erred [41 Cal.three dimensional 718] inside the teaching the brand new jury this 1 “Corporation Promissory Notes” was basically “securities” into the concept of the corporate Ties Law. (Corp. Code, § 25000 et seq. fn. 1)
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Joseph and you will Dennis Figueroa focus from a view regarding belief having you to definitely number away from promoting unqualified securities. (§§ 25110, 25540.) The fresh jury deadlocked for the thirteen most matters, 7 alleged facing Joseph and you can five against Dennis. After that, a great mistrial try announced toward those people matters, and so they had been overlooked to the understanding that they could be felt by courtroom getting restitution aim. Each other appellants received terms of probation which have standards and restitution, a suspended condition jail term, and you will neighborhood service.
In the mid-March regarding 1979, Arlo Kurrle responded to a publicity which had starred in the brand new San Jose Mercury Reports. The new advertisement said “Solar & Times Business. Lover wanted which have $eight,one hundred thousand or higher. Active or nonactive.” Kurrle named one of several a few telephone numbers listed in brand new post and spoke to Joseph Figueroa, who described a preexisting insulation business and his awesome need to build towards solar power.
Kurrle found Joseph and his awesome boy, Dennis, the following day. The Figueroas told Kurrle in the Figueroa Insulation & Opportunity Co., Inc. (Insulation) at which Dennis is chairman. The new solar power company could feel an agency. Kurrle found out about two other programs, Figueroa Financial Insurance Functions, Inc. (Insurance) and you can Figueroa Company & Financial Professionals (Financial).
Joseph and you may Dennis advised that Kurrle dedicate $10,000 within company. The bucks would be to be taken with the acquisition of insulation gadgets therefore the laying out phones always solicit financing users.
In the very first conference, Kurrle and you can Joseph discussed if or not Kurrle would be to feel active in the the business. Kurrle conveyed interest in with a primary character, perhaps throughout the transformation or government components.
A short time after, Kurrle called Joseph and wanted to give the firm $10,100. There clearly was no discussion on which mode Kurrle’s money [41 Cal.three dimensional 719] perform simply take, but Kurrle “is actually convinced regarding that loan . that would be noted.” For the talk, Joseph advised Kurrle which he could well be a police in one single of one’s Figueroa corporations.
Across the 2nd four weeks, Kurrle paid down the cash to your Figueroas when you look at the four separate installments evidenced by the five 2-seasons notes. fn. 2 The latest cards were to secure 10 percent notice a year. Kurrle met with the option to grab payment in dollars or offers of your providers. The fourth mortgage installment, having $2,500, constituted the basis for the costs about what new Figueroas have been at some point found guilty. fn. step 3 Kurrle made a loan giving the Figueroas a payable so you can Dennis. The borrowed funds are experienced by the an effective “Corporation Promissory Mention” out-of Insulation that was finalized by the Dennis. Inside the relevant area it said:
Toward Well worth Obtained, into or Just before a couple of years after go out, instead of grace The fresh Figueroa Insulation & Opportunity Providers, Inc., intends to pay to the buy of Mr. Arlo Kurrle, off San Jose, California otherwise on his home or office. [¶] The sum of $dos,five hundred a couple of thousand bucks & Five-hundred at the rate out of ten% per cent annum until repaid. . [¶] . Its [sic] agreed and you can know, that organization mention is perhaps payday loans Kentucky all due an enthusiastic [sic] payable for the 2 years from date of notice and its own [sic] next conformed and realized, that attention will be paid annual [sic] each year, but all of the owed and you will payable April 27th, 1981. . “