Stokes

Kenneth H. Henson, Jr., appeals a judgment in favor of a group of investors. The investors were granted rescission of their investment agreements with Henson and damages for violation of Corporations Code sections 25110 and 25401; in the alternative, they were granted damages in a like amount for breach of fiduciary duty and constructive fraud. Punitive damages were also awarded. Henson contends the rescission action was barred by statute and there was insufficient evidence to support all other causes of action and the awards themselves. We affirm.

I

The following factual recital is taken from the statement of decision. Henson derived his “income through investment activities on behalf of himself and others” whom he met through his tax service and various “social contacts, particularly his church.” He “involved individual Plaintiffs in a number of different investment vehicles including commodities groups, Accountants Service Center, and a gold mine.” In late 1980, he was offering commodities through “group accounts,” accumulating funds from a number of people and investing them in his name through his own trader, Boston Trading Group.

“The investors had no say or…