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SEC Charges Florida Man with Operating Ponzi Scheme That Targeted Black Community

The Securities and Exchange Commission filed charges against Cedric Dewayne Griffin alleging that he raised approximately $5.9 million from at least 103 investors through a fraudulent securities offering targeting members of the Black community in Jacksonville, Florida and elsewhere.

The SEC’s complaint alleges that from at least January 2020 to December 2021, Griffin lured individuals into investing in promissory notes issued by two of his companies, G8 Equity LLC and G8 RE Capital LLC, promising investors high monthly returns ranging from 10% to 33%. As alleged, Griffin represented to investors that he would use their money to purchase, rehabilitate, and resell real estate for a profit, and provide investors monthly returns from those profits.

According to the SEC’s complaint, Griffin did not purchase any real estate and, instead, misappropriated investor funds and used investor funds to pay other investors their purported investment returns in Ponzi-like fashion.

The SEC’s complaint charges Griffin with violating the antifraud provisions. The SEC seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and an officer-and-director bar against Griffin.

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