Thompson v. People.
2020 CO 72. No. 18SC543. Colorado Securities Act—Security—Plain Error—Consecutive Sentencing.
September 14, 2020
In this case, the Supreme Court first decided whether to adopt the family resemblance test from Reves v. Ernst & Young, 494 U.S. 56, 64–67 (1990), as the test for determining whether a note is a security for purposes of the Colorado Securities Act, CRS §§ 11-51-101 to -1008 (CSA). Answering this question in the affirmative, the Court applied the test to the facts before it and concluded that (1) the promissory note at issue was a security for purposes of the CSA; (2) any instructional error regarding the element of a security was not plain because any error was not substantial; and (3) the convictions for securities fraud and theft at issue were not based on identical evidence, and therefore consecutive sentences were permissible.
Accordingly, the Court affirmed the judgment of the division below.
Colorado Securities Act Security Plain Error Consecutive Sentencing