Jacksonville man arrested for allegedly operating Ponzi scheme
A Jacksonville resident, Cedric Griffin, who had been accused of orchestrating a Ponzi scheme and evaded authorities in 2023, was apprehended recently. Facing charges of organized fraud and five counts of failure to appear in court, Griffin allegedly embezzled $5.8 million from investors within a two-year period, as per federal court filings. In 2022, law enforcement in Jacksonville issued a warrant for Griffin regarding multiple grand theft incidents.
The U.S. Securities and Exchange Commission disclosed that Griffin’s modus operandi involved duping investors, including small business owners, individuals, and members of the African-American community. One of the warning signs highlighted by State Assistant Attorney Adam Duso was Griffin’s unwarranted guarantees of returns to potential investors. These guarantees convinced over 50 individuals to entrust their money to him, with investments ranging from $10,000 to a staggering $1 million.
According to a report from the Jacksonville Sheriff’s Office, several tips were received from individuals who had contributed funds to Griffin for real estate investments through his enterprise, “G8 Equity,” located on Baymeadows Road. During the North Florida Cyber Fraud Task Force’s probe, 56 people who had invested funds between January and July of 2022 were interviewed. Griffin’s strategy was primarily based on referrals through word of mouth.
Although Griffin lured investors by promising returns of 10-15%, concerns arose when he failed to return phone calls, causing unease among investors. Victims reported that approximately $1.25 million had been refunded. However, investigations revealed that none of the funds received from the victims were utilized for the intended real estate investments. Instead, the money was redirected to various individuals, including previous investors, and was even allocated for Griffin’s personal expenditures.
Griffin’s next court appearance is scheduled for Feb. 10, marking a significant development in this ongoing case. The apprehension of Griffin after evading authorities for over 20 months symbolizes a pivotal moment in the effort to bring justice to all the victims impacted by his fraudulent scheme. The relentless pursuit of justice in cases involving financial fraud is crucial in protecting the interests of innocent individuals and promoting transparency and accountability in financial dealings.