James P. Griffin—Investment Fraud
James P. Griffin Allegedly Operated a $1.6 Million Investment Fraud Which Marketed and Sold a Product Known as a “Charitable Gift Annuity”
James P. Griffin,70, and of Cazenovia, NY, allegedly operated a $1.6 million investment fraud which marketed and sold a product known as a “charitable gift annuity”, according to the Office of the U.S. Attorney.
James P. Griffin allegedly marketed and sold a product known as a “charitable gift annuity” through 54 Freedom Cos., a product which purportedly guaranteed a monthly return to investors, according to Assistant U.S. Attorney Edward Broton.
James P. Griffin, the chairman and chief executive officer of the Cazenovia-based 54 Freedom Cos., has been indicted and arraigned in federal court in on eight counts of wire fraud, five counts of mail fraud and five counts of money laundering, the U.S. Attorney reports.
James P. Griffin Allegedly Collected Approximately $1.6 Million from Investors for these Annuities, Using Said Money to Pay Personal Expenses and Liabilities of His Other Companies
James P. Griffin, who owns several companies under the 54 Freedom umbrella, allegedly collected about $1.6 million from investors for the aforementioned annuities, and then purportedly used the money himself to pay expenses and liabilities of his other companies, according to the Office of the U.S. Attorney.
The SEC also has a Complaint accusing Griffin of defrauding at least 125 investors of at least $8 million in an alleged wide-ranging investment scheme, the SEC reports.
The SEC complaint further alleges that Griffin used at least $1.2 million of investors’ money for his personal expenses such as his wife’s credit cards bills and to purchase “a large boat, expensive vacations, luxury cars, expensive clothing and jewelry and country club memberships,” according to the SEC complaint.
The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane securities lawyers assist investors who lose money as a result of investment schemes. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment schemes are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.