On February 26, 2019, the SEC announced charges and an asset freeze against the people behind a South Florida investment scheme. One of the people behind the scheme has a felony conviction, was in prison for 20 years, and is now out on parole.
Castleberry Financial Services Group LLC, managed by T. Jonathon Turner and CEO Normal Strell, has allegedly taken approximately $3.6 million from investors over the past year. The SEC filed an emergency action against them in district court, stating that Castleberry lied to its investors, claiming that it had hundreds of millions of dollars of capital invested in various businesses. The company also claimed that it had ties with CNA Financial Corp. and Chubb Group. Castleberry claimed that any investments would be protected and insured by those companies, which the SEC alleges is untrue. Continue reading