45-year-old George Joshua Floyd of Jacksonville has pleaded guilty to federal wire fraud after operating a scheme that defrauded restaurant investors. Floyd faces a maximum penalty of 20 years in federal prison.<\/p>\n
U.S. Attorney Gregory W. Kehoe announced the guilty plea, which follows an investigation by the Federal Bureau of Investigation. As part of the plea agreement, Floyd agreed to forfeit $1,159,596.26 in personally obtained proceeds and pay full restitution to the victims.<\/p>\n
According to the plea agreement, Floyd began soliciting investors in April 2022, raising approximately $1.44 million for a new restaurant in Jacksonville. After the venue opened in November 2022 and began generating cash flow, Floyd maintained control of the business’s bank account. He embezzled funds through large cash withdrawals, direct wires to his personal account and business credit card purchases for personal expenses.<\/p>\n
Floyd also entered the restaurant into unauthorized merchant cash advance loans, transferring the proceeds to himself and saddling the business with interest and fees.<\/p>\n
In 2024, Floyd solicited individuals to invest in a second restaurant concept planned for Clay County, raising approximately $570,000. Instead of using the funds for the new concept, Floyd stole the money to pay for personal expenses, trade in cryptocurrency, and cover deficits caused at the first restaurant.<\/p>\n
In total, Floyd’s fraudulent scheme caused approximately $1,397,500 in losses. Assistant U.S. Attorney David B. Mesrobian is prosecuting the case, and Assistant U.S. Attorney Clint J. Locke is handling the forfeiture.<\/p>\n
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