SEC Takes Action to Stop Ponzi Scheme Selling ‘Annuities’
May 27, 2020 by Melanie Waddell
The Securities and Exchange Commission on Friday filed an emergency action and obtained a temporary restraining order and asset freeze against a California-registered investment advisor and his entities to halt an ongoing Ponzi scheme targeting senior citizens in Southern California.
According to the SEC’s complaint, from at least January 2018 through the present, Paul Horton Smith Sr. offered and sold securities in his company Northstar Communications, and used his investment advisory firm eGate and insurance and estate planning company Planning Services Inc. to market the securities.
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