SEC Halts South Florida Alternative Investments Scheme Targeting Retail Investors

The Securities and Exchange Commission today announced fraud charges and an asset freeze against the operators of a South Florida-based investment fund scheme, one of whom has a prior felony conviction and is on parole after nearly 20 years in prison. The SEC filed an emergency action in federal district court against Castleberry Financial Services Group LLC, president T. Jonathon Turner, formerly known as Jon Barri Brothers, and CEO Norman M. Strell, alleging that in the past year they have defrauded investors out of $3.6 million. According to the SEC's complaint unsealed Feb. 25, 2019, Castleberry falsely represented to investors it had hundreds of millions of dollars in capital invested in local businesses and a portfolio of hundreds of investment properties.