Legal Opinion
People v. Salas
California Supreme Court
Decided February 6, 2006No. S126773PublishedCited by 1 opinion
1Opinion of the Court
*971Opinion
KENNARD, J.
Corporations Code section 25110 prohibits the sale of unregistered securities.1 Violation of this prohibition is a crime, punishable by incarceration for up to three years and a fine up to $1 million. (§ 25540, subd. (a).) But not all securities must be registered. There are many grounds of exemption from the registration requirement, and sale of an unregistered but exempt security is not a crime.
Here, defendants Javier O. Salas and Stephen C. Patrick, charged with selling unregistered securities, claimed they believed in good faith that the securities they sold were exempt…
2Cases cited30 opinions
- Chapman v. CaliforniaSupreme Court of the United States · 1967
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- Staples v. United StatesSupreme Court of the United States · 1994
- Mathews v. United StatesSupreme Court of the United States · 1988
- People v. BrevermanCalifornia Supreme Court · 1998
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3Cited by1 opinion
- People v. SalasCalifornia Supreme Court · 2006