Bowen

This is an appeal from a grant of summary judgment in favor of defendant Ziasun Technologies, Inc. (Ziasun), on two consolidated actions filed by plaintiffs Scott Bowen and Leif Aa. Fredsted (together sometimes, plaintiffs), which alleged that they were defrauded by a “pyramid” or “Ponzi” scheme orchestrated by foreign brokerage houses from which they purchased shares of stock. The court granted summary judgment in favor of Ziasun, finding that there was no legal basis for or evidence to support plaintiffs’ claims against Ziasun.

On appeal Bowen and Fredsted assert that the court erred in granting summary judgment when it found that (1) plaintiffs’ claims brought under Business & Professions Code section 17200 had no application to the securities transactions at issue; (2) plaintiffs failed to provide any admissible evidence that Ziasun made any misrepresentations to plaintiffs and that Ziasun was not an offeror of securities; (3) no evidence supported plaintiffs’ conversion and conspiracy claims; and (4) plaintiffs were not entitled to a continuance of the hearing on the summary judgment motion to conduct further discovery. We conclude that the court did not err in…