James P. Griffin—Investment Scheme, Money Laundering, Wire Fraud

James P. Griffin Allegedly Ran a Diverse $8 Million Investment Scheme Which Focused on Securities and “Charitable Gift Annuities”

James P. Griffin, of Cazenovia, New York, and the founder and CEO of 54Freedom Inc., allegedly ran a wide-ranging $8 million investment scheme which involved 125 investors, according to a civil Complaint filed by the SEC.

The SEC Complaint goes on to allege that Griffin’s alleged scheme focused on purportedly selling securities and so-called “charitable gift annuities” to investors.

James P. Griffin Allegedly Used Investor Money on Lavish Lifestyle Including a Boat, Luxury Automobiles, Jewelry and Travel

James P. Griffin, 70, allegedly used at least $1.2 million of the money from the alleged investment scheme for his own personal use in order to pay credit card bills and to buy “a large boat, expensive vacations, luxury cars, expensive clothing and jewelry and country club memberships,” according to the SEC Complaint.

The Complaint goes on to detail how Griffin deposited some investor checks directly into his personal bank account, and then would allegedly transfer other investors’ funds into his account to pay the couple’s credit card bills and used 54Freedom credit and debit cards to pay his personal expenses.

16 investors reportedly bought the aforementioned gift annuities, the SEC states, but then also reports that the 54Freedom business model did not work, and that, according to the SEC Complaint, “never generated any revenue and funded itself almost exclusively from the sale of these securities.”

The Peiffer Wolf Securities Lawyers Often Assist Investors

The Peiffer Wolf securities lawyers are assisting 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, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.

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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.