California, United States of America
The following excerpt is from James De Nicholas Associates, Inc. v. Heritage Constr. Corp., 5 Cal.App.3d 421, 85 Cal.Rptr. 233 (Cal. App. 1970):
Normally, whether a person is acting as an investment counselor or as a broker, is a question of fact for the jury. (People v. Roth (1934) 137 Cal.App. 592, 31 P.2d 813.)
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