Former Florida Broker Pleads Guilty to $7.4M Investor and PPP Fraud Scheme
By Staff
A former Florida broker and investment adviser has pleaded guilty to defrauding elderly clients and illegally obtaining millions in pandemic relief funds.
Jared Dean Eakes, 34, admitted to charges of wire and bank fraud tied to a $2.7 million investment scheme and roughly $4.75 million in fraudulent Paycheck Protection Program, or PPP, loans, according to the U.S. Attorney’s Office for the Middle District of Florida.
Eakes falsely posed as a legitimate adviser managing millions in client assets and bought books of business from two established advisers. After acquiring their client portfolios, he allegedly converted investor funds for personal use, including gambling transfers to a Las Vegas casino, unauthorized options trading, and personal withdrawals. Some investors were repaid with other victims’ money, a classic Ponzi-like tactic.
After the investment fraud unraveled, Eakes also turned to pandemic-relief programs to obtain additional funds under false pretenses. From March 2020 to late 2021, Eakes also filed false PPP loan applications for four entities, using the funds for trading and cash withdrawals instead of payroll.
Eakes has agreed to forfeit illicit proceeds and pay restitution to victims as part of his plea agreement, according to prosecutors. He faces a potential maximum sentence of 50 years in prison, according to the U.S. Attorney’s Office.
According to FINRA’s BrokerCheck database, Eakes was previously registered with Merrill Lynch from 2016 to 2018 and was permanently barred by the Alabama Securities Commission in 2022 for a similar scheme involving the misappropriation of more than $2 million from clients after reportedly acquiring an advisory business.
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