A lawsuit filed by the SEC says Cedric Griffin primarily targeted the African American community in Jacksonville It also states that he managed to get 103 people to hand over nearly six million dollars in just one year.
“He was the nicest gentleman, always completely impeccably dressed, the way he spoke, he was very business-like, very compassionate,” a person who worked in the same building as Griffin told Action News Jax anonymously. “And I am literally in shock. I cannot believe that.”
They asked us to conceal their face and video.
“I’m flabbergasted,” they said. “That just goes to show you, you can’t judge a book by its cover.”
A lawsuit from the U.S. Securities and Exchange Commission says Griffin promised investors high monthly returns ranging from 10 percent to 33 percent interest from his work flipping houses and buying property spanning from at least January 2020 to December 2021.
“It seems like you’re getting your money every month, but what you don’t realize is the payoff you’re getting from a million-dollar investment is partly your money coming back to you,” Action News Jax law and safety expert, Dale Carson said.
In Carson’s 20-year experience as an FBI agent, he worked with Ponzi schemes. And he said it’s important to remember, they are often too good to be true.
“When someone says you can make 33-percent of your money, you better question that,” Carson said.
(This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.actionnewsjax.com/news/local/jso-is-looking-man-behind-multi-million-dollar-ponzi-scheme/UJPTRLFLONHK3KTCXNNZX7PKMI/ )