Email my wife sent out during trial.
Today we started out with the defense attorney arguing against the ruling made yesterday about Randy not being able to mention payments made to lenders after the Aug 29, '08 date... the judge still saying that's the day the crime was committed. Judge didn't budge.
The prosecution is trying to expand their definition of "investment contract", which is the type of securities that Randy is accused of 'selling or offering for sale' and not registering. The judge had ruled in a pre-trial motion that since there is no statutory definition of "investment contract", then we would use case law to test whether the "securities" was an "investment contract". This involves a 4 part test of criteria. The state wants the jury to look not just at the test, but the overall 'scheme'.Tomorrow they will argue over the definition.
We heard opening statements before noon, then heard the first three witnesses. Two of them were the insurance agents who 'posed as investors' and illegally recorded the face-to-face conversation with Randy. They both are familiar with securities, but not very familiar with private lending, and they both admitted to lying to Randy.
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