Miami resident Jorge Garrido, 45, has been sentenced to 70 months in prison for orchestrating a $5.7 million investment fraud scheme.
Garrido, who served as the president, director, and registered agent of G & C Investment Corp (G&C), solicited investors for advance contributions of as much as $1 million, promising staggering returns of up to 15- or 20-times their initial contribution.
However, Garrido failed to provide the promised returns to investors, and instead used nearly $5 million for his personal benefit. He then attempted to flee the country in March 2017 after learning of the Government’s case against him, but was apprehended at Palm Beach International Airport by the FBI.
The investigation into Garrido’s scheme was a collaborative effort between the FBI and the Florida Office of Financial Regulation (OFR). U.S. Attorney Ariana Fajardo Orshan commended the investigative efforts of the agencies involved in the case.
Garrido’s sentence was handed down by U.S. District Judge Cecilia Altonaga on August 7, 2019. In addition to his 70-month prison sentence, Garrido was ordered to pay approximately $5.7 million in restitution.
Garrido is also currently serving a 46-month sentence for a separate mortgage fraud case. Judge Altonaga ordered Garrido’s sentence to be run consecutively to his current sentence.
The case against Garrido is being prosecuted by Assistant U.S. Attorney Roger Cruz. Related court documents and information can be found on the website of the District Court for the Southern District of Florida.
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Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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