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October 19, 2020

Posted  October 19, 2020

Investment adviser representative Paul Horton Smith, Sr. of eGate, LLC and his companies, Northstar Communications, LLC and Planning Services, Inc., have been ordered to pay over $4 million in disgorgement and $383,000 in prejudgment interest for defrauding at least 35 investors of more than $5.6 million.  According to the SEC, Horton and his companies targeted retirees and pre-retirees in Southern California, promising them guaranteed interest payments but paying the “interest” with new investor funds.  SEC

Tagged in: Financial and Investment Fraud, Ponzi Schemes,