I was looking for some updated information about this bug.
We are using the latest SmartAssembly (188.8.131.52) and the exact problem is happening for our .Net Cf 3.5 application as well. We have tried all the minimum settings to maximum settings with no success.
We have downgraded to the previous version of SmartAssembly like suggested which has fixed the error temporarily. However, we are now using 2 versions of SmartAssembly to secure different applications.
Is there any timeframe on this fix in the upcoming versions of SmartAssembly?