JACKSONVILLE, Fla. \u2013 A Jacksonville man has pleaded guilty to wire fraud after defrauding investors out of more than $1.4 million tied to two restaurant ventures.<\/p>\n
George Joshua Floyd, 45, faces a maximum penalty of 20 years in federal prison. Floyd has agreed to forfeit $1,159,596.26 \u2014 the proceeds he personally obtained through the scheme \u2014 and to make full restitution to his victims. United States Attorney Gregory W. Kehoe made the announcement.<\/p>\n
First restaurant scheme<\/p>\n
According to the plea agreement, Floyd began raising money in April 2022, collecting approximately $1.44 million from investors for a new Jacksonville restaurant. He made various representations about how the funds would be used and how he planned to manage the business.<\/p>\n
After the restaurant opened in November 2022 and began generating significant cash flow, Floyd took control of the business\u2019s bank account. He then began embezzling funds by withdrawing large amounts of cash, wiring money to his personal account, and using a business credit card for personal expenses.<\/p>\n
Floyd also caused the restaurant to take out unauthorized merchant cash advance loans \u2014 funneling those proceeds to himself or using them to cover financial shortfalls he had already created. The loans also resulted in the restaurant accumulating additional interest and fees.<\/p>\n
Second restaurant scheme<\/p>\n
In 2024, Floyd turned his attention to a second restaurant concept he claimed would open in Clay County. He solicited investors and raised approximately $570,000 for the project.<\/p>\n
Instead of using the funds for the restaurant, Floyd spent investors\u2019 money on personal expenses, cryptocurrency trading, and repaying losses he had caused at the first restaurant.<\/p>\n
The total fraud loss from Floyd\u2019s scheme was approximately $1,397,500, according to prosecutors.<\/p>\n
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