National investment loss lawyers KlaymanToskes is investigating broker Paul Horton Smith Sr. (CRD# 2387799) of Planning Services, Inc., eGate LLC, and Northstar Communications LLC, who has been permanently barred from acting as a broker by the Securities and Exchange Commission (“SEC”) following his involvement in a $24 million Ponzi Scheme that purported to invest in an annuity and real estate investments.
In January of this year, Smith pleaded guilty to a federal criminal charge and one count of wire fraud related to allegations that he raised over $24 million from at least 200 investors between 2000 and 2020 through a Ponzi scheme linked to his companies, Northstar and Planning Services. Prosecutors stated that the scheme resulted in losses exceeding $13.3 million for more than 100 of Smith’s investors.
According to his plea agreement, Smith operated several Riverside, California-based companies, including Northstar Communications LLC, Planning Services Inc., and eGate LLC. From July 2000 to May 2020, Smith obtained money from investors by soliciting individuals, many of which were elderly and/or retirees, to invest in “Northstar.”
According to the SEC’s AdviserInfo, Paul Horton Smith Sr. was registered as an investment advisor with eGate LLC from 2008 to December 2022 in Riverside, CA. Smith also purportedly did business as Planning Services, Inc. and Northstar Communications LLC.
Investors that suffered losses with broker Paul Horton Smith are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations.
The articles linked below contain important information relating to KlaymanToskes’ investigation of broker Paul Horton Smith:
If you suffered losses with broker Paul Horton Smith, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
The firm has helped recover over $600 million* for investors, and can help you determine if your loss is due to financial advisor misconduct, unsuitable investment advice, and/or other securities violations.
*Exclusive of attorneys fees and costs.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker Paul Horton Smith. These signs could potentially indicate broker misconduct, negligence, or investment fraud. Investors are encourage to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
According to FINRA and the SEC, brokerage and investment advisory firms such as eGate, LLC and Planning Services, Inc. are responsible for the supervision of all of the activities of their registered brokers and investment advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Engaging the services of an experienced securities attorney to evaluate the specific circumstances of your case is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Paul Horton Smith, or have concerns regarding your investment portfolio at Planning Services, Inc. and/or eGate, LLC, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.