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Some body v. Figueroa (1986) 41 Cal.3d 714 , 224 Cal.Rptr. 719; 715 P.2d 680 [Crim. No. 24252. Finest Court off California. April 7, 1986.]
(View of the Bird, C. J., having Mosk, Broussard, Grodin, JJ., and you will Takei (Taketsugu), J., concurring. Independent concurring view of the Reynoso, J., which have Lucas, J., concurring.)
John K. Van de Kamp, Attorneys Standard, Edward P. O’Brien, Assistant Attorneys Standard, Derald E. Granberg and you will Robert Roentgen. Granucci, Deputy Attorney Standard, to have Plaintiff and you will Respondent.
The principal question demonstrated by this attract is whether brand new trial judge, in the a good prosecution into profit off unqualified ties, erred [41 Cal.3d site link 718] into the instructing the fresh jury any particular one “Corporation Promissory Notes” was indeed “securities” into the meaning of the organization Ties Legislation. (Corp. Code, § 25000 et seq. fn. 1)
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Joseph and Dennis Figueroa attention from a view out of belief to possess you to matter off selling unqualified securities. (§§ 25110, 25540.) The jury deadlocked with the thirteen more counts, seven alleged up against Joseph and you can five against Dennis. Thereafter, a great mistrial was stated to the the individuals counts, and they was dismissed into the with the knowledge that they might be believed by the courtroom to own restitution objectives. Both appellants were given terms of probation that have standards together with restitution, a dangling county prison label, and you may neighborhood solution.
Inside the middle-February out of 1979, Arlo Kurrle responded to a promotion which had appeared in the latest San Jose Mercury Information. This new advertising mentioned “Solar & Times Organization. Companion desired having
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seven,100 or even more. Effective otherwise nonactive." Kurrle titled one of many a few cell phone numbers listed in this new advertising and you will talked so you can Joseph Figueroa, who demonstrated a preexisting insulation organization along with his wish to grow to your solar power.
Kurrle came across Joseph and his awesome son, Dennis, 24 hours later. The new Figueroas advised Kurrle regarding the Figueroa Insulation & Energy Co., Inc. (Insulation) at which Dennis was chairman. The fresh solar powered energy providers could feel an organization. Kurrle learned about one or two others, Figueroa Monetary Insurance rates Functions, Inc. (Insurance) and Figueroa Providers & Financial Specialists (Financial).
Joseph and you may Dennis proposed you to definitely Kurrle purchase
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10,one hundred thousand in their company. The money were to be used to your acquisition of insulation products and the installing phones used to get loan users.
During the earliest conference, Kurrle and you will Joseph discussed if or not Kurrle was to feel active for the the organization. Kurrle shown demand for having a primary part, maybe on conversion otherwise government parts.
A few days afterwards, Kurrle called Joseph and you can wanted to provide the business
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10,000. There is certainly no talk on what function Kurrle's funding [41 Cal.3d 719] manage bring, but Kurrle "is actually thinking in terms of a loan . that could be recorded." Into the discussion, Joseph informed Kurrle he is an officer in one of one's Figueroa businesses.
Across the next four weeks, Kurrle repaid the cash into the Figueroas for the five separate installments confirmed because of the four dos-seasons notes. fn. dos The new notes were to secure 10 percent desire a-year. Kurrle encountered the solution to get payment inside the bucks otherwise offers of the team. The new 4th mortgage cost, getting
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dos,five-hundred, constituted the cornerstone to your charge about what the fresh Figueroas had been eventually found guilty. fn. 3 Kurrle made financing giving brand new Figueroas a check payable so you can Dennis. The borrowed funds is observed because of the a beneficial “Enterprise Promissory Note” of Insulation that has been finalized by Dennis. In the associated part it mentioned:
For the Really worth Received, on the otherwise Just before 2 years immediately after big date, instead sophistication The fresh Figueroa Insulation & Time Organization, Inc., intends to spend to your order out of Mr. Arlo Kurrle, away from San Jose, Ca otherwise during the their office or home. [¶] The sum $dos,five-hundred a couple of thousand cash & 500 from the price away from ten% % annum up until repaid. . [¶] . Its [sic] assented and you can realized, that firm mention is perhaps all owed a keen [sic] payable from inside the 2 yrs regarding day associated with mention and its particular [sic] then assented and understood, you to interest is to be reduced yearly [sic] on a yearly basis, but all due and you can payable April 27th, 1981. . “