UPDATED 3:15 P.M. EDT (U.S.A.) Isaac J. Castile III of Reynoldsburg, Ohio, has been found guilty of 11 felonies in a securities swindle that promised annual returns of 100 percent, the Ohio Department of Commerce Division of Securities announced today.
A Franklin County jury returned the verdicts after a four-day trial, the agency said.
Castile, chairman and CEO of Columbus-based Metropolitan Enhancement Corp., was taken into custody immediately after the verdicts were returned, the agency said.
The prosecution was handled by the office of Franklin County Prosecuting Attorney Ron O’Brien, the agency said.
From the agency (italics added):
Castile told investors that he would invest their funds in U.S. Treasury bills and promised annual
returns of 50 percent and 100 percent. The Treasury bills were not purchased. Castile was found
guilty on the following charges:
- 3 counts of securities fraud
- 3 counts of false representations in the sale of securities
- 3 counts of sales of unregistered securities
- 2 counts of theft
Of the 11 counts, six are first-degree felonies and five are third-degree felonies.
Castile “stole approximately $255,000 in funds from two central Ohio investors,” the agency said.
Sentencing before Judge Michael Holbrook is set for Nov. 19.
Upon Castile’s 2011 indictment, the agency said, “Castile ignored earlier subpoenas and court orders to testify before the Division of
Securities.”