SEC charges Florida resident with running $5.9 million Ponzi scheme targeting African-American community
The Securities and Exchange Commission filed charges against Cedric dewayne Griffin. It is alleged that Griffin operated a Ponzi-scheme targeting members of the African American community in Jacksonville and other parts of Florida. Griffin is accused by the Securities and Exchange Commission (SEC) of raising $5.9m from at least 100 investors via a fraudulent securities offer.
Griffin, according the SEC’s complaint enticed people to invest in G8 Equity LLC and G8 RE Capital LLC promissory bills by promising high returns every month ranging between 10% and 33%. He said that the money would be used to buy, renovate, and resell property for a profit. Investors would receive monthly returns based on these profits. Griffin allegedly did not purchase any real estate, but instead used investor funds to pay other investors.
Griffin is charged with antifraud violations in the SEC complaint filed at the U.S. District Court of Middle District of Florida. The SEC wants permanent injunctive measures, disgorgement with prejudgment interests of ill-gotten gain, civil penalties and an officer-and director bar against Griffin.
In the Miami Regional Office, Christine Hernandez and Mark Dee conducted the SEC investigation, which was supervised by Eric Busto Fernando Torres and Glenn Gordon. Amie Riggle-Berlin is leading the litigation, under the supervision of Teresa Verges. The SEC thanks the Office of the State Attorney of the Fourth Judicial Circuit of Florida as well as the U.S. Secret Service Jacksonville Field Office and Federal Bureau of Investigation Jacksonville Field Office for their assistance.
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC, is an American regulatory agency that has the primary responsibility of protecting investors and maintaining fair and effective markets. This objective is achieved by the SEC through various initiatives and action.
The SEC demands that companies offering securities to the public provide investors with accurate and comprehensive information. This is achieved through the registration procedure, in which companies are required by law to provide relevant financial and business data. SEC ensures transparency to help investors make informed decisions, and to protect them against fraudulent practices.
The SEC also actively monitors, regulates and controls the securities industry in order to detect any possible misconduct or fraudulent activity. The SEC investigates insider trading and other securities law violations, as well as bringing legal action against those involved. This enforcement helps maintain market integrity and protects investors from deceptive practice.
In addition, the SEC is responsible for overseeing exchanges of securities, brokers, advisors to investors, and all other market participants. It establishes and enforces rules to ensure fair, ethical practices within the financial industry. By regulating such entities, the SEC hopes to safeguard the interests of investors and maintain the integrity in the financial markets.
The SEC is also responsible for educating and informing investors on their rights, risks and opportunities within the securities market. The SEC provides investors with resources, guidelines and warnings that help them make informed decisions and to avoid fraud schemes. By educating investors, the SEC helps them protect themselves and make good investment decisions.
In summary, Securities and Exchange Commission is responsible for protecting investors by promoting and enforcing transparency, regulating the market and educating the general public. Its efforts are aimed at creating a level playing ground, enhancing investor confidence, as well as ensuring fair and efficient market.
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