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.
The SEC further claimed that investor funds were misused to pay personal expenses and transferred to family members.
Of interest, the SEC complaint stated that Castleberry falsely stated on its website and in promotional materials that Turner had finance industry experience, an MBA and a law degree. In fact, Turner has been convicted previously of felonies and was incarcerated from 1998 until 2016.
The SEC was tipped as its basis for investigating the fraud.
The Southern District of Florida court granted the SEC’s request for a temporary restraining order and temporary asset freeze against the defendants.
Anthony M. Abraham, Esq., PC, has represented many investors who have claimed against Broker-Dealers, Bankrupt and other estates for return of assets taken through fraud. Anthony M. Abraham, Esq., PC is experienced in broker fraud, churning and unauthorized trading claims. If you were victimized in this scheme and need help, please call us Toll Free at 1-877-430-4877 for a Free Consultation or email us at Anthony@Abrahamattorneys.com.