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Individuals v. Figueroa (1986) 41 Cal.3d 714 , 224 Cal.Rptr. 719; 715 P.2d 680 [Crim. Zero. 24252. Best Courtroom from California. April 7, 1986.]
(View of the Bird, C. J., having Mosk, Broussard, Grodin, JJ., and you can Takei (Taketsugu), J., concurring. Independent concurring thoughts of the Reynoso, J., with Lucas, J., concurring.)
John K. Van de- Kamp, Attorney Standard, Edward P. O’Brien, Secretary Attorney Standard, Derald Age. Granberg and Robert R. Granucci, Deputy Attorney General, for Plaintiff and you will Respondent.
The primary question shown by this attention is if the fresh new trial legal, within the a prosecution on the purchases away from unqualified bonds, erred [41 Cal.three dimensional 718] into the training the fresh jury this one “Enterprise Promissory Notes” was indeed “securities” for the concept of the corporate Securities Rules. (Corp. Code, § 25000 ainsi que seq. fn. 1)
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Joseph and you may Dennis Figueroa focus out of a judgment from conviction getting you to definitely count from attempting to sell unqualified bonds. (§§ 25110, 25540.) The fresh jury deadlocked on thirteen extra matters, eight alleged facing Joseph and you will five against Dennis. Thereafter, a beneficial mistrial are proclaimed toward people matters, and so they have been dismissed on the realizing that they could be noticed because of the court to possess restitution purposes. One another appellants got terms of probation that have criteria including restitution, a dangling state jail term, and you will community services.
In mid-March out-of 1979, Arlo Kurrle responded to an advertising which in fact had appeared in the fresh new San Jose Mercury News. The advertisement said “Solar & Opportunity Business. Lover wished with $seven,000 or more. Energetic or nonactive.” Kurrle titled among the many a couple phone numbers placed in the fresh new advertising and spoke to Joseph Figueroa, which explained a preexisting insulation providers and his desire to build on solar powered energy.
Kurrle came across Joseph and his awesome guy, Dennis, a day later. This new Figueroas told Kurrle about Figueroa Insulation & Energy Co., Inc. (Insulation) from which Dennis are president. The solar energy providers could getting a firm. Kurrle been aware of two others, Figueroa Financial Insurance coverage Properties, Inc. (Insurance) and Figueroa Providers & Economic Consultants (Financial).
Joseph and you may Dennis proposed you to definitely Kurrle purchase $ten,000 in their team. The bucks was to be used towards purchase of insulation products together with having telephones accustomed get loan consumers.
From the first appointment, Kurrle and you will Joseph discussed whether Kurrle would be to become productive when you look at the the firm. Kurrle expressed demand for which have an immediate character, perhaps on conversion or administration section.
A few days afterwards, Kurrle named Joseph and you will wanted to lend the business $10,000. You will find no talk on what form Kurrle’s resource [41 Cal.3d 719] carry out capture, however, Kurrle “is actually thought with regards to that loan . that might be noted.” Inside discussion, Joseph informed Kurrle that he could be an officer in one of one’s Figueroa enterprises.
Over the next per month, Kurrle repaid the bucks on Figueroas when you look at the four independent installments confirmed by the five 2-season cards. fn. 2 The cards would be to earn 10 percent notice per year. Kurrle had the choice to need payment during the cash or offers of your own business. The new last loan fees, to own $dos,five hundred, constituted the foundation to the fees on which the Figueroas had been sooner found guilty. fn. step 3 Kurrle produced financing by giving the fresh Figueroas a payable in order to Dennis. The mortgage are experienced because of the a great “Corporation Promissory Notice” away from Insulation that has been signed from the Dennis. When you look at the relevant part they said:
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To your Worthy of Acquired, towards otherwise Ahead of 2 yrs once day, rather than grace The fresh Figueroa Insulation & Opportunity Organization, Inc., intends to pay to your acquisition out-of Mr. Arlo Kurrle, of San Jose, Ca or at the his home or office. [¶] The sum $2,500 two thousand bucks & Five-hundred from the rate away from ten% % annum up to paid back. . [¶] . The [sic] arranged and you may realized, that this corporation note is all owed a keen [sic] payable for the 2 yrs off go out regarding the notice and its [sic] next assented and you will realized, you to definitely interest is usually to be repaid annual [sic] annually, but all the owed and you will payable April 27th, 1981. . “