In July 2019, as several investors attempted to redeem their investments, Smith distributed a document valuing the fund’s assets at over $180 million, claiming that she owned a $2.5 billion bond issued by a publicly traded financial institution and had transferred $100 million of the bond to the fund. Authorities said she even provided purported brokerage statements reflecting the supposed $2.5 billion holding. But it was all a lie, prosecutors said, with the vast majority of investors' money having disappeared from the fund..
Smith began her career with Kildare Capital in 2006, where she stayed for a l4 month. She worked briefly at several other firms before joining CV Brokerage Inc., in 2010. In May 2019, Finra began an investigation into “potential misstatements about the financial performance of an investment fund that were made during the course of private securities transactions” in which she participated. She failed to provide documents and information requested by Finra.
Smith voluntarily resigned from the firm in June 2019. In July 2019, she was barred by Finra for refusing to provide documents and information requested in connection with the investigation. CV Brokerage was expelled by Finra in March 2020 for failing to pay fines and/or costs.