Man pleads guilty for restaurant fraud schemes in Jacksonville, Clay County

 JACKSONVILLE – George Joshua Floyd, 45, of Jacksonville, pled guilty to wire fraud. He faces a maximum penalty of 20 years in federal prison. Floyd has agreed to forfeit $1,159,596.26, the proceeds of the scheme to defraud that he personally obtained. He also agreed to make full restitution to the victims of his offense conduct. U.S. Attorney Gregory W. Kehoe made the announcement.

According to the plea agreement, beginning in April 2022, Floyd raised approximately $1.44 million from investors for a new restaurant in Avondale called Josephine that he planned to open, making various representations as to how the money would be used and how he would manage the restaurant.

After the restaurant opened in November 2022 and generated significant cash flow, Floyd maintained control of the business’s bank account. He began embezzling funds by withdrawing large amounts of cash, wiring money to his personal account, using a business credit card for personal expenses, and causing the restaurant to enter into unauthorized merchant cash advance loans – the proceeds of which he transferred to himself or used to cover deficits that he had already created – which also led the restaurant to owe interest and fees.

Further, in 2024, Floyd began soliciting individuals to invest money into a second restaurant concept to be opened in Clay County, raising approximately $570,000. Floyd stole those investors’ funds by using them to pay for personal expenses, trade in cryptocurrency and repay losses he had caused at the first restaurant. The total fraud loss caused by Floyd through his scheme was approximately $1,397,500.

The case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney David B. Mesrobian. The forfeiture is being handled by Assistant U.S. Attorney Clint J. Locke.