(a)“Investment adviser” means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing or selling securities, or who, for compensation and as a part of a regular business, publishes analyses or reports concerning securities. “Investment adviser” does not include (1) a bank, trust company or savings and loan association; (2) an attorney at law, accountant, engineer or teacher whose performance of these services is solely incidental to the practice of his or her profession; (3) an associated person of an investment adviser; (4) a broker-dealer or agent of a broker-dealer whose performance of these services is solely incidental to the conduct of the business of a broker-dealer and who receives no special compensation for them; or (5) a publisher of any bona fide newspaper, news magazine or business or financial publication of general, regular and paid circulation and the agents and servants thereof, but this paragraph (5) does not exclude any such person who engages in any other activity which would constitute that person an investment adviser within the meaning of this section.
(b)“Investment adviser” also includes any person who uses the title “financial planner” and who, for compensation, engages in the business, whether principally or as part of another business, of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing or selling securities, or who, for compensation and as part of a regular business, publishes analyses or reports concerning securities. This subdivision does not apply to: (1) a bank, trust company, or savings and loan association; (2) an attorney at law, accountant, engineer, or teacher whose performance of these services is solely incidental to the practice of his or her profession, so long as these individuals do not use the title “financial planner;” (3) an associated person of an investment adviser where the investment adviser is licensed or exempt from licensure under this law; (4) an agent of a broker-dealer where the broker-dealer is licensed or exempt from licensure under this law, so long as (A) the performance of these services by the agent is solely incidental to the conduct of the business of the broker-dealer, and (B) the agent receives no special compensation for the performance of these services; or (5) a publisher set forth in paragraph (5) of subdivision (a), so long as the publisher or the agents and servants of the publisher are not engaged in any other activity which would constitute that person an investment adviser within the meaning of this section.
Notes of Decisions
Hasso v. Hapke, 227 Cal. App. 4th 107 (Cal. Ct. App. 2014).
· cites it 2× “(2) Hapke Corporations Code section 25009, subdivision (a), provides in pertinent part: “ ‘Investment adviser’ means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities…”
Choi v. Sagemark Consulting, 226 Cal. Rptr. 3d 267 (Cal. Ct. App. 5th 2017).
“…the title 'financial planner' ..." and engages in the business of advising others about investing in securities. (Corp. Code, § 25009, subd. (b).)”
People v. Mason, 184 Cal. App. 2d 317 (Cal. Ct. App. 1960).
· cites it 2× “(Corp. Code, §25009, subd. (a).) As reflected by the record, such acts of sale as well as the acts culminating in the defrauding of McBain took place within the state, principally at meetings with prospective purchasers.”
Byrum v. Brand, 219 Cal. App. 3d 926 (Cal. Ct. App. 1990).
“11 Corporations Code section 25009 defines investment adviser at some length, basically as quoted in the proposed instruction, and includes a number of exceptions, such as “(c) a broker-dealer whose performance of these services is solely incidental to the conduct of his…”
Rich v. State Bd. of Optometry, 235 Cal. App. 2d 591 (Cal. Ct. App. 1965).
“) It is apparent from these definitions that in order to constitute a sale the contract must give and pass rights of property, and that a mere transfer of the location of a business does not involve a transfer of ownership or of title to that business, or, in fact, to any…”
People v. Mills, 306 P.2d 1005 (Cal. Ct. App. 1957).
“(Corp. Code, § 25009; People v. Sidwell, supra, 27 Cal.”
People v. Sears, 269 P.2d 683 (Cal. Ct. App. 1954).
· cites it 2× “"VIOLATIONS OF THE ACT" [3] Evidence as to counts II to XIII (except XII) charging "violations of the Act" (Corp. Code, §§ 25009 and 26104) is sufficient to warrant the commitment of respondents for those crimes.”
Freeman v. Jergins, 271 P.2d 210 (Cal. Ct. App. 1954).
“” (Corp. Code, § 25009.) As alleged and found, plaintiff’s right to compensation was dependent not merely on his arranging an introduction of Lee to defendants but on the introduction resulting in the sale of the stock through the efforts of Lee or Smith, Barney and Company.”
Clejan v. Reisman, 5 Cal. App. 3d 224 (Cal. Ct. App. 1970).
“” (Corp. Code, § 25009. 2 ) The uncontroverted facts support the conclusion that each transaction constituted a “sale” within the meaning of the Law.”
People v. Mills, 328 P.2d 1049 (Cal. Ct. App. 1958).
· cites it 2× “The meeting will also select a Bank in which all funds of the Corporation will be deposited and checked out on the joint signatures of the President and Treasurer of the Corporation. At said meeting the two parties acquiring an interest in the Corporation are to be placed on the…”
People v. Sears, 292 P.2d 663 (Cal. Ct. App. 1956).
“1) to violate the Corporate Securities Law (Corp. Code, §§25009 and 26104). Twenty overt acts were alleged.”
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