A Jacksonville real estate broker already accused of running a multimillion-dollar Ponzi scheme is now in even deeper trouble, hit this week with a federal indictment over allegedly bogus COVID-era loan applications. Prosecutors say Cedric Dewayne Griffin lied about payroll and other business details to lock in forgivable Paycheck Protection Program loans, then siphoned off the cash for himself instead of his company.
Federal Indictment Lays Out PPP Allegations
According to News4JAX, a federal grand jury returned an indictment charging Griffin with three counts of wire fraud and one count of an illegal monetary transaction. Prosecutors say he applied for two PPP loans in back-to-back years: a $216,287 loan in 2020 and a $186,632 loan in 2021. In both applications, Griffin allegedly claimed Residential Alabama LLC had dozens of employees and tens of thousands of dollars in monthly payroll, then sought loan forgiveness and used the proceeds for personal expenses instead of business needs.
The indictment also accuses Griffin of moving $20,000 from the Residential Alabama LLC account into an account for G8 Equity LLC, the investment company at the center of a separate SEC case targeting him.
SEC Alleges Ponzi Scheme
On the civil side, the Securities and Exchange Commission has its own case pending. Regulators say Griffin was running a Ponzi-style investment operation through his companies G8 Equity and G8 RE Capital, raising nearly $5.9 million from 103 investors by selling short-term promissory notes and then using money from newer investors to pay earlier ones.
As detailed in the Securities and Exchange Commission complaint, Griffin allegedly promised high monthly returns and told investors their money would be used to flip houses. The SEC says those assurances were false and that investor funds were not used as advertised.
Arrest And Investor Fallout
Griffin’s legal troubles escalated in early 2025. He was arrested in January 2025 after local authorities had been looking for him on organized-fraud and grand-theft warrants, according to Action News Jax.
Documents reviewed by News4JAX indicate one investor handed over $1 million. The outlet reports that Griffin remains held in the Duval County jail and that a 2022 theft case tied to his business is scheduled for trial next month. Investors and local real estate players who say they were burned are now watching multiple court dockets, hoping something eventually leads to payback.
Legal Implications
The wire-fraud counts fall under 18 U.S.C. § 1343 and carry statutory maximum penalties of up to 20 years in prison per count. The illegal monetary-transaction charge, under 18 U.S.C. § 1957, can carry up to 10 years, along with potential fines and forfeiture of assets.
For the technical details on what prosecutors have to prove and the full list of penalties, see the federal statutes at 18 U.S.C. § 1343 on the Legal Information Institute website and 18 U.S.C. § 1957 on the Legal Information Institute website. An indictment is only a formal accusation, and Griffin is presumed innocent unless and until he is convicted in court.
What Happens Next
Federal prosecutors have not yet laid out a timetable for a federal trial. In the meantime, Griffin is staring down a crowded calendar of legal trouble, with federal criminal charges, a civil enforcement case from the SEC, and state charges all spinning out of the same alleged conduct.
For now, those who say they entrusted him with their savings are left waiting to see whether criminal convictions or civil judgments will translate into any real restitution, or whether most of the money at the heart of this high-flying real estate story is already gone for good.
