The Oregon Department of Consumer and Business Services announced Wednesday it has imposed a six-figure fine on an Oregon securities law violator for the second time in 10 years. In an administrative action, the department assessed Cecil F. “Buz” Smith Jr. of Mill Creek, Washington and his True North Productions, LLC $400,000 for obtaining $205,000 from at least 10 Oregon investors between June 2007 and May 2009 to operate a tour-bus company aimed at senior citizens. The investors were promised annual returns between 8 percent and 20 percent, but none have received any money back from the investments. Smith used at least some of that money for gym membership fees, rent and payments to his wife, according to the order. The order against Smith and True North noted he was not licensed to sell securities in Oregon and the securities were not registered. The agency added disclosure documents provided to the investors failed to disclose the risks of the operation. Investors in the
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