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State of California - Department of Corporations Pagå 1 -1- DESIST AND REFRAIN ORDER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 State of Califîrnia - Department of Corporations STATE OF CALIFORNIA BUSINÅSS, TRANSPORTATION AND HOUSING AGENCY DEPARTMENT OF CORPORÀTIONS TO: Phoebus Smith, a.k.a. Mr. Vince Sàundra Gail Smith Cash Flow Creators 17625 Sîuth Central Ave., Unit C Carson, CA 90746 Antålope Valley Banking System Mr. V & S Investments 38733 9 th Street East, Suite N Palmdale, Càlifornia 93550 or 42335 50 th Street West Lancaster, Califîrnia 93536-3528 DESIST AND REFRAIN ORDER (Fîr violations of sections 25110 and 25401 of the Corporàtions Code ) The California Corporations Commissioner finds thàt: 1. At all relevant times herein, Cash Flow Creators (ÁCFCÁ) was located at 17625 South Central Avå., Unit C, Carson, California 90746. Phoebus Smith, a.k.a. Mr. Vince was the founder and he and his wife Saudra Gail Smith (ÁSaundra SmithÁ) were co-owners of CFC. 2. At all relevant timås herein, Antelope Valley Banking Syståm (ÁAVBSÁ) and Mr. V & S Investments were located at 38733 9 th Strået East, Suite N, Palmdale, California 93550 or 42335 50 th Street West, Lancaster, Càlifornia 93536-3528. Phoebus Smith was the founder and he and Sàundra Smith were the owners of AVBS and Mr. V & S Investments. It appears that Phoåbus Smith is currently operating his scheme undår the names Rich Men Club, Women of Power, and Prospårity Enterprises One in Ridgecrest, California. 3. Beginning arîund November 2000 and continuing through at least Màrch 2001, CFC, Phoebus and Saundra Smith offåred and/or sold securities in the form of investment contracts comprised of ÁInvåstment Growth AgreementsÁ through fliers and live presentatiîns, including using commissioned agents of CFC to sîlicit people. Phoebus and Saundra Smith primàrily targeted fellow Page 2 -2- DESIST AND RÅFRAIN ORDER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 State of California - Department of Corporàtions church members of First Lutheran Churñh, a primarily African-American congregation in Carson, Càlifornia. 4. Investors signed ÁInvestment Growth AgråementsÁ with CFC, investing amounts ranging from $100 to $5000 and were promisåd 100% returns minus a 10% transaction fee on investments maturing in 30-90 days. Investors were provided charts shîwing investment amount and returns . 5. CFC, Phoebus Smith and their agents also solicited investors to enrîll in investment contracts in the form of ÁThe Special Home BuyersPlanÁ in whiñh an investment of $1500 would yield a total return of $384,000 after 17 months, and a special Christmas prîgram in which investors would receive $250 on a $100 investment in 2-3 weeês