The Securities and Exchange Commission (SEC) filed a federal lawsuit against a Man in Jacksonville, Florida, with charges of him running a $5.9 Million Ponzi scheme primarily targeting Jacksonville residents. According to the SEC lawsuit, Griffin scammed 103 victims into investing at least $5,895,024 into his businesses, “G8 Equity” and “G8 RE Capital,” from January 2020 to at least December 2021, promising investors high monthly returns ranging from 10% to 33%, in what turned out to be a Ponzi scheme.
It appears Griffin is on the run when he was supposed to appear in Duval County court last Thursday for a hearing in another criminal case that was about to go to trial, but he didn't show up. Attorney Gene Nichols, who is not affiliated with the case, says, “Investigations like this from State Attorney's Office [and] from the Jacksonville Sheriff's Office take a tremendous amount of time because there's so much involved.”
The SEC's complaint, filed in the U.S. District Court for the Middle District of Florida, charges Griffin with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder
SOURCE: THE SEC | MA Y 08 2023
