JACKSONVILLE, Fla. – Jacksonville real estate broker Cedric Griffin is now behind bars after years on the run, facing accusations of orchestrating a Ponzi scheme that defrauded investors of nearly $6 million.
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Griffin, who had been wanted by police for several years, recently turned himself into the Jacksonville Sheriff’s Office. News4JAX has obtained a copy of the affidavit for the arrest warrant, revealing new details about his alleged victims and the extent of his financial crimes.
Among the dozens of victims interviewed by investigators are members of the local real estate community, as well as politicians and athletes. One investor alone reportedly handed over $1 million to Griffin.
Court documents claim that Griffin lured over investors into his businesses, “G8 Equity” and “G8 RE Capital,” with the promise of a 10% to 15% return on their investments. However, investigators say the funds were never actually invested in real estate.
Instead, investigators said the money Griffin got went to “other individuals, previous investors and used the invested funds for personal expenditures to his personal benefit.”
The affidavit said The U.S. Secret Service’s North Florida Cyber Fraud Task Force conducted interviews with 56 individuals who collectively contributed more than $4 million to Griffin’s businesses via checks, wire transfers, PayPal, and even cash transactions, all under the impression that their money was being used for real estate deals. According to the affidavit from the State Attorney’s Office, only $1.25 million was returned to some victims.
One victim, who allegedly had been a family friend of Griffin for over 12 years, told investigators they had made 25 separate investments amounting to $874,200. While this investor managed to recover $627,326, others were not as fortunate. Many victims claim they never received any of their money back.
Griffin remains in police custody without bond as he awaits trial. His next court date is scheduled for Feb. 10, where he will face multiple charges related to organized fraud and grand theft.