Fine

Penal Code section 803, subdivision (c), provides for a “discovery” rule which tolls the otherwise applicable statute of limitations with respect to those offenses, “a material element of which is fraud or breach of a fiduciary obligation . . . ,” and which specifically includes a “violation of section 25540, of any type, or section 25541 of the Corporations Code.” (Italics added.) Because the trial court refused to apply this statutory tolling rule to 17 counts of a criminal information charging violations of Corporations Code section 25110 (proscribing the offer or sale of unqualified securities), the People have sought relief in this court.

The People seek a writ of mandate directing the trial court to set aside its order dismissing certain counts of an information filed against defendants Jeffrey Alan Fine, Steven Bradley Fine and Stanley Isaac Glickman. On October 7, 1996, we issued an order to show cause as to why the relief requested by the People should not be granted, and we stayed all proceedings in the trial court pending our further order. On October 16, 1996, we granted the People’s motion to consolidate the writ proceeding with a related appeal. The issue…