OPINION
Defendant Phoebus Vincent Smith was charged in a 118-count information with 33 counts of grand theft (Pen. Code, § 487, subd. (a)); 33 counts of sale of unqualified securities (Corp. Code, §§ 25110, 25540, subd. (a)); 33 counts of using false statements to sell securities (Corp. Code, §§ 25401, 25540, subd. (a)); and one count of using a scheme to defraud in
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