The U.S. Securities and Exchange Commission announced that it had obtained a temporary restraining order (“TRO”) against Paul Horton Smith, Sr. in an effort to halt an on-going Ponzi scheme. The SEC said that it also froze Smith’s assets. According to the SEC, Smith was running a Ponzi scheme that targeted senior citizens in Southern California. The SEC alleged that Smith used eGate, LLC, his investment advisory firm, and Planning Services, Inc., his insurance and estate planning company, to market securities in another one of his companies, Northstar Communications, LLC.
I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!