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People v. Figueroa (1986) 41 Cal.3d 714 , 224 Cal.Rptr. 719; 715 P.2d 680 [Crim. No. 24252. Ultimate Court out-of Ca. April seven, 1986.]
(Thoughts by the Bird, C. J., having Mosk, Broussard, Grodin, JJ., and Takei (Taketsugu), J., concurring. Independent concurring advice because of the Reynoso, J., which have Lucas, J., concurring.)
John K. Van de- Kamp, Attorney Standard, Edward P. O’Brien, Assistant Attorneys Standard, Derald Age. Granberg and you will Robert R. Granucci, Deputy Lawyer General, getting Plaintiff and you may Respondent.
The principal matter showed from this interest is whether or not the fresh demo court, into the an excellent prosecution towards the deals out-of unqualified securities, erred [41 Cal.three dimensional 718] inside the teaching the newest jury any particular one «Firm Promissory Cards» was indeed «securities» during the concept of the corporate Securities Rules. (Corp. Code, § 25000 et seq. fn. 1)
Stanford Laws College or university – Robert Top Rules Collection
Joseph and you may Dennis Figueroa attract of a judgment from conviction to possess you to number of offering unqualified bonds. (§§ 25110, 25540.) This new jury deadlocked to the 13 most counts, seven so-called up against Joseph and you may four facing Dennis. After that, a good mistrial are announced into the those people matters, in addition they was ignored to the realizing that they could be believed by court to possess restitution intentions. Each other appellants received regards to probation that have conditions along with restitution, a dangling condition jail label, and you can community services.
Inside the middle-February out of 1979, Arlo Kurrle responded to an advertising which had starred in the new San Jose Mercury Reports. The latest advertisement mentioned «Solar power & Energy Team. Spouse wished that have $seven,100 or even more. Active otherwise nonactive.» Kurrle called one of the a few phone numbers placed in the new advertisement and spoke so you’re able to Joseph Figueroa, which revealed an existing insulation organization with his desire to grow to the solar power.
Kurrle found Joseph and his awesome child, Dennis, the next day. The latest Figueroas told Kurrle throughout the Figueroa Insulation & Times Co., Inc. (Insulation) at which Dennis is president. The new solar powered energy organization could feel a corporation. Kurrle heard about two other companies, Figueroa Financial Insurance Qualities, Inc. (Insurance) and you can Figueroa Company & Monetary Specialists (Financial).
Joseph and you will Dennis advised you to Kurrle dedicate $10,one hundred thousand in their business. The cash were to be taken toward acquisition of insulation gadgets and also the installing phones accustomed obtain financing users.
At earliest conference, Kurrle and you will Joseph talked about whether or not Kurrle was to getting productive into the the firm. Kurrle conveyed demand for which have a direct part, possibly on the sales otherwise management components.
A few days later, Kurrle called Joseph and you will accessible to provide the firm $ten,100000. There’s zero talk about what means Kurrle’s capital [41 Cal.three dimensional 719] perform bring, however, Kurrle «try thought regarding a loan . that would be noted.» Into the conversation, Joseph informed Kurrle that he will be a police officer in one of your own Figueroa firms.
Across the 2nd a month, Kurrle paid back the cash on the Figueroas in the four separate payments confirmed because of the four dos-12 months cards. fn. 2 The latest cards would be to earn 10% notice a year. Kurrle encountered the option to just take fee from inside the cash or offers of your team. This new fourth financing repayment, to have $2,500, constituted the cornerstone on costs on what the latest Figueroas had been in the course of time convicted. fn. 3 Kurrle produced financing by providing the Figueroas a check payable to help you Dennis. The borrowed funds was experienced of the an excellent «Organization Promissory Mention» from Insulation that has been signed by the Dennis. From inside the associated region they mentioned:
Into the Well worth Gotten, on the otherwise Just before two years after date, in the place of elegance The newest Figueroa Insulation & Opportunity Organization, Inc., promises to spend into purchase regarding Mr. Arlo Kurrle, out of San Jose, Ca or during the their home or office. [¶] The sum $2,five-hundred a few thousand bucks & 500 on rate away from ten% % annum up to reduced. https://servicecashadvance.com/payday-loans-ca/. [¶] . The [sic] assented and know, this particular firm note is due a keen [sic] payable in 24 months from day of notice and its own [sic] subsequent decided and you may knew, you to notice is to be paid yearly [sic] yearly, however, all the due and you will payable April 27th, 1981. . «