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Philadelphia Man Pleads Guilty to Wire Fraud and Tax Evasion Charges
PHILADELPHIA – United States Attorney David Metcalf announced that John ‘Jack’ Griffin, 62, of Philadelphia, Pennsylvania, entered a plea of guilty before United States District Judge Chad F. Kenney on Wednesday to wire fraud and tax evasion charges.
Griffin was the principal and founder of Second Story Farming Inc., which did business as Metropolis Farms. Second Story Farming had several lines of business, including growing crops in vertical farms to sell to customers, developing sustainable vertical farming technologies, and selling vertical farming systems to customers.
In 2017, Griffin, through Second Story Farming, sold vertical farming systems, along with the equipment, supplies, materials, and operational instructions necessary to operate them, to two companies. Before entering into the contracts, Griffin provided financial projections to them that grossly overstated the anticipated revenues that could be generated by the vertical farms and grossly understated the anticipated expenses necessary to operate the vertical farms.
In reliance on the financial projections, the companies each paid Second Story Farming to set up vertical farms for them. Rather than use those funds to provide them with vertical farms, Griffin used most of the money to pay his own personal expenses and operate Second Story Farming’s research and development line of business.
Griffin is scheduled to be sentenced on October 22 and faces a maximum possible penalty of 20 years in prison on each of the wire fraud charges and five years in prison on the tax evasion charge.
This case was investigated by IRS Criminal Investigation, the FBI, and the United States Postal Inspection Service. The case is being prosecuted by Assistant U.S. Attorney Francis Weber and Trial Attorney Catriona Coppler of the Tax Division.
Griffin’s actions were a brazen attempt to deceive and defraud his business partners, and he will now face the consequences of his actions. This case serves as a reminder that those who engage in such illegal activities will be held accountable.
Key Facts
- State: Pennsylvania
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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