On February 25, 2019, the SEC took action against against the operators of a South Florida investment fund and its principals. One principal had a felony record. The charges were filed against Castleberry Financial Services Group LLC and its president, T. Jonathon Turner and another officer, Norman M. Strell.
The SEC alleged that investors were defrauded of $3.6 million.
The SEC alleged that Castleberry mis-represented to investors it had hundreds of millions invested in local properties and businesses. High yields were offered, claiming that a large insurer, CNA and Chubb “bonded” the investments. CNA and Chubb had no connection with Castleberry. CNA’s and Chubb’s logos were also misappropriated.