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,