Share and Follow
Cedric Griffin did not show up for his final pre-trial date May 4, 2023, according to court records. Investigators said he stole $5.8 million over two years.
JACKSONVILLE, Fla. — A Jacksonville man accused of a Ponzi scheme involving millions of dollars who fled from authorities in 2023 was arrested Monday.
Cedric Griffin, 48, is charged with organized fraud and five counts of failure of a defendant to appear on bail.
The U.S. Securities and Exchange Commission said Griffin stole $5.8 million over the course of two years from investors, according to federal court documents. In 2022, the Jacksonville Sheriff’s Office issued a warrant for Griffin for multiple grand theft cases.
State Assistant Attorney with the Special Prosecution Division Adam Duso said in 2023 the victims include small business owners, individuals and the African-American community. Duso later stated a red flag was Griffin guaranteeing a return.
“He approached them with a pitch that he was investing in real estate,” Duso said. “And real estate securities and convinced over 50 people to invest with him in amounts ranging from $10,000 to as much as $1 million.”
According to JSO report, the agency received numerous tips from people who said they had given money to Griffin to invest in real estate through his firm “G8 Equity” on Baymeadows Road. The North Florida Cyber Fraud Task Force interviewed 56 people who invested money between January and July 2022. The report said he usually found investors by word of mouth referrals.
Though Griffin originally told victims he could make them 10-15% on their investments. The victims were concerned when he did not return phone calls, the report said.
The victims reported approximately $1.25 million was returned though “over the course of your Affiant’s investigation, it was determined that none of the currency received from the Victims in this scheme were used to invest in real property or any other agreed upon investments. Further investigation revealed that the Suspect in this scheme used monies received from the Victims and gave it to other individuals, previous investors, and used the invested funds for personal expenditures to his personal benefit,” the report said.
Griffin’s next court date is set for Feb. 10.
