Court of Appeals for the Ninth Circuit May 23, 1985, Nos. 83-1976, 83-1977, 83-2030, 83-2034 and 83-2035 (Brady v. Andrew)

PREGERSON, Circuit Judge.

FACTS

Commercial Western Finance Corporation (CWF) arranged trust deed investments by soliciting money from individuals (“investors”) and lending that money to other entities (“borrowers”). In exchange for the funds from CWF, the borrowers gave CWF promissory notes (“borrower notes”) secured by deeds of trust on California real estate (“deeds of trust”).