Calif. Financial Adviser Charged In Alleged $10M Ponzi Scam

Law360 (May 22, 2020, 6:05 PM EDT) -- Federal prosecutors have charged and arrested a California-based financial planner and adviser for wire fraud tied to an alleged Ponzi scheme they say he used to dupe 75 victims, mainly senior citizens, into forking over $10 million to invest in securities that didn't exist.

Beginning at least in 2013, Paul Horton Smith Sr. allegedly peddled the so-called private annuity contracts through his firm Northstar Communications LLC as "a safe alternative to the stock market." He promised up to 6% annual returns, when in fact any new investments were used to pay prior victims, according to a complaint filed Wednesday in a...

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