James P. Griffin—Investment Fraud

Cleveland stockbroker fraud lawyerJames 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 Rosca Wolf Securities Lawyers Often Assist Investors

The Peiffer Rosca Wolf 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1174 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.