JACKSONVILLE, Fla. — A Jacksonville man wanted by state authorities disappeared before he was set to go to trial. Now he’s wanted by the feds for what they call a real estate “Ponzi scheme.”
Cedric Griffin, 47, is accused of stealing millions of dollars from people in Jacksonville.
First Coast News reported on Cedric Griffin last year when the Jacksonville Sheriff’s Office searched for him in connection to several grand theft cases related to the company Premier Coast Realty, where he served as the founding broker and failed to pay agents commission.
He was set to go to trial for those crimes a couple of weeks ago but fled.
After that media coverage, JSO got numerous complaints about Griffin’s “scheme” which has resulted in a lawsuit from the Securities and Exchange Commission.
The SEC Griffin said Griffin stole $5.8 million over the course of two years from investors, according to federal court documents.
State Assistant Attorney with the Special Prosecution Division Adam Duso said victims include small business owners, individuals and the African-American community.
“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.”
Court documents show Griffin told investors he “flipped” homes and re-sold them for profit.
Duso said his office found 60 bank accounts used by Griffin to move money around but no proof he actually invested the money.
“Ultimately, at some point the money became withdrawn as cash and was converted or spent for Mr. Griffin’s own personal benefit,” explained Duso.
Duso said one red flag is Griffin guaranteed investors a return.
We asked Duso what people can do to protect themselves from Ponzi schemes. He said potential investors should visit the SEC’s website to find out if it’s legit.
“Take the opportunity to slow down and look at the investment opportunity and show that it’s been properly vetted by government regulators and the like,” Duso said.
Griffin is facing a first-degree felony, punishable by up to 30 years in prison. Investigators believe he’s still in Florida. If you know anything about his whereabouts, you’re asked to call police.