Damian Castilla, 52, of Pembroke Pines, was arrested Wednesday on charges of second-degree grand theft and organized fraud, Miami-Dade jail records show. The latest arrest comes with allegations that he defrauded another investor while already out on bond in a years-long commodities investment scheme.
Detectives took Castilla into custody at the Miami-Dade Northwest District station in Miami Lakes with his defense attorney present, and corrections officials booked him at the Turner Guilford Knight Correctional Center on the felony counts, according to Local 10. Station and booking records show a judge set his bond at $5,000 and that the case will proceed in Miami-Dade Circuit Court.
How Detectives Say the Alleged Scheme Worked
An arrest report reviewed by local reporters states Castilla was first arrested on March 18, 2020, after detectives accused him of running a Ponzi-style operation that defrauded at least one investor of more than $300,000. According to NBC6 South Florida, investigators allege he posed as a commodities broker, took in funds for investments and diverted the money to personal expenses, later depositing a check from a second victim into his account on June 7, 2021.
Regulatory History and Civil Penalties
Castilla's investment activities and two related companies were the subject of a consent order entered in late 2022, according to a 2023 press release from the Commodity Futures Trading Commission. The CFTC's order found misappropriation of pool participant funds, ordered millions in restitution and disgorgement, and imposed trading and registration bans on the defendants, the Commodity Futures Trading Commission said.
Castilla's attorney told NBC6 South Florida that the new arrest came as a surprise and questioned why the case was not brought five years earlier, saying, "He's done his time, he's on probation, so we're hoping to work out this case." Court and arrest records cited by news outlets show Castilla was released from prison on Nov. 18, 2025, and remains on probation through November 2045.
What the Charges Mean
Organized fraud in Florida is prosecuted under the Communications Fraud Act and is graded by aggregate losses, with penalties increasing as the alleged amount rises. Second-degree grand theft typically applies when stolen property is valued between $20,000 and $100,000 and is classified as a second-degree felony under state law; see the statutes for details: Florida Statutes 817.034 and Florida Statutes 812.014.
Prosecutors say the investigation remains active and that additional details may emerge as the case moves through the courts. A Miami-Dade judge is expected to schedule the next hearing, but authorities and court clerks had not immediately made further records available, according to Local 10.
