JACKSONVILLE, Fla. – Jacksonville actual property dealer Cedric Griffin is now behind bars after years on the run, dealing with accusations of orchestrating a Ponzi scheme that defrauded traders of practically $6 million.
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Griffin, who had been needed by police for a number of years, just lately turned himself into the Jacksonville Sheriff’s Office. News4JAX has obtained a duplicate of the affidavit for the arrest warrant, revealing new particulars about his alleged victims and the extent of his monetary crimes.
Among the many dozens of victims interviewed by investigators are members of the native actual property neighborhood, in addition to politicians and athletes. One investor alone reportedly handed over $1 million to Griffin.
Courtroom paperwork declare that Griffin lured over traders into his companies, “G8 Fairness” and “G8 RE Capital,” with the promise of a ten% to fifteen% return on their investments. Nonetheless, investigators say the funds have been by no means really invested in actual property.
As an alternative, investigators mentioned the cash Griffin bought went to “different people, earlier traders and used the invested funds for private expenditures to his private profit.”
The affidavit mentioned The U.S. Secret Service’s North Florida Cyber Fraud Job Power carried out interviews with 56 people who collectively contributed greater than $4 million to Griffin’s companies by way of checks, wire transfers, PayPal, and even money transactions, all below the impression that their cash was getting used for actual property offers. In response to the affidavit from the State Legal professional’s Workplace, solely $1.25 million was returned to some victims.
One sufferer, who allegedly had been a household buddy of Griffin for over 12 years, informed investigators that they had made 25 separate investments amounting to $874,200. Whereas this investor managed to get better $627,326, others weren’t as lucky. Many victims declare they by no means obtained any of their a refund.
Griffin stays in police custody with out bond as he awaits trial. His subsequent courtroom date is scheduled for Feb. 10, the place he’ll face a number of expenses associated to organized fraud and grand theft.
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