SEC Files Charges Against Florida Resident Cedric Griffin for $5.9 Million Ponzi Scheme Targeting African American Community

Posted on June 21st, 2023 at 1:36 PM
SEC Files Charges Against Florida Resident Cedric Griffin for $5.9 Million Ponzi Scheme Targeting African American Community

From the desk of Jim Eccleston at Eccleston Law 

Cedric Dewayne Griffin has been charged by the Securities and Exchange Commission (SEC) for running a Ponzi scheme targeting the African American community in Jacksonville, Florida, and in other regions.

Griffin is accused of fraudulent activities through his companies, G8 Equity LLC and G8 RE Capital LLC, where he raised around $5.9 million from at least 103 investors. According to the SEC complaint, he lured people into investing in promissory notes by promising high monthly returns ranging from 10 percent to 33 percent. Griffin claimed that the funds would be used for real estate purchases, renovations, and reselling for profit, with investors receiving monthly returns from these profits. However, the complaint alleges that Griffin did not purchase any real estate and instead misused the funds to pay off other investors in a Ponzi-like manner.

The SEC's complaint against Griffin charges him of violating antifraud provisions. The SEC is seeking several remedies, including permanent injunctive relief, disgorgement of the fraudulent profits along with prejudgment interest, civil penalties, and an officer-and-director bar against Griffin.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

 

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