KlaymanToskesSEC Bars Ex-Financial Advisor Paul Horton Smith After 20-Year Ponzi Scheme
Summary
According to the SEC, Smith, based in Moreno Valley, California, operated a Ponzi scheme from July 2000 through May 2020 through his companies, Northstar Communications, Planning Services, and eGate. Smith solicited at least 200 investors, primarily elderly and retired individuals, under the pretense of investing in annuities and real estate. In 2020, the SEC secured a final judgment against Smith, ordering him to pay nearly $9 million in disgorgement, interest, and civil penalties. The SEC noted in its complaint that Smith’s guilty plea, while acknowledging his wrongdoing, does not diminish the harm he caused to investors, or the potential for future misconduct. If you or a loved one have suffered losses as a victim of Paul Horton Smith and/or any other investment fraud scam, contact KlaymanToskes at (888) 997-9956 or by email at investigations@klaymantoskes.com for a free and confidential consultation to discuss your recovery options.