It turns out this is not the only time Norton has encountered financial controversy. Norton still owes money to the FDIC arising from the default of one of his prior companies, St. James Properties, on mortgages and back real estate taxes on property in Boston, according to newspaper accounts.

Norton's corporate partner in St. James Properties since 1987 was the Webb Companies, which achieved notoriety when Forbes magazine ran a December 23, 1991 article investigating Kentucky Central Life Insurance Co. lending practices with respect to the Webb brothers.

Kentucky's Insurance Commission seized Kentucky Central in 1993, according to newspaper accounts, and began pursuing the Webbs for $100 million in unpaid, unsecured loans. The Webb brothers declared bankruptcy in 1994 but still owe $471,121 in federal taxes.