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November 19, 2013

City firm fined

(Continued)

Burton is not licensed to practice law in Massachusetts.

On the financial advisory side of his business, Burton solicited money from people to invest, but did not make any investments and failed to return any of the money.

The suit is still ongoing, according to the attorney general’s office.

Ariel Castillo, an Army lieutenant who served two tours of duty in Iraq, said he turned over his savings to Burton to invest, including a hefty re-enlistment bonus. Burton was, a friend of his sister’s and wife’s who attended his wedding. But when he began to suspect Burton was not managing his investment competently and tried to withdraw his money, Burton would not return it.

“I think he got off easy if you ask me,” said Castillo, a Lawrence native who now works in the Veterans Administration in New York. “It’s not just the amount he took from people who didn’t have much, but it’s being a parasite to the city and the commonwealth. He destroyed people who confided in him.”

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