Shaun David Keller Lawrence v. the People of the State of Colorado

Summary

The court held that Lawrence's agreement with D.B. was an investment contract and therefore a security because D.B. invested in a common enterprise while relying substantially on Lawrence's managerial efforts. It further held that the securities commissioner's expert testimony was admissible, or at most harmless if erroneous. Because the theft-value instruction used an outdated classification scheme and the value taken was disputed, the prosecution may retry the theft charge in its entirety or accept a class 1 misdemeanor conviction.