Reynoldsburg CEO Indicted on Charges of Securities Fraud
Isaac J. Castile III, of Reynoldsburg, was indicted by a Franklin County grand jury on Friday, and charged with multiple counts of securities fraud, theft, false representation in the sale of securities, and the sale of unregistered securities.
Authorities allege that Castile, Chairman and CEO of the Columbus-based Metropolitan Enhancement Corporation, mismanaged approximately $275,000 in funds from three Ohio investors. According to authorities, Castile allegedly told investors that he would invest their funds in U.S. treasury bills, and that they would reap annual returns of 10, 50, and 100 percent.
Authorities claim the treasury bills were never purchased. Castile is also accused of ignoring court orders that required him to testify before the Ohio Division of Securities.
Castile faces a total of 12 felony counts, six of which are first-degree felonies.
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