Former Fidelity Advisor Indicted for $2 Million Fraud Targeting Former Client

Posted on August 22nd, 2025 at 1:38 PM
Former Fidelity Advisor Indicted for $2 Million Fraud Targeting Former Client

From the desk of Jim Eccleston at Eccleston Law

Federal prosecutors have charged former Fidelity Investments advisor Eric James Stone with 10 counts of wire and mail fraud and five counts of money laundering, accusing him of orchestrating a $2 million scheme that exploited a former client for personal gain.

As reported by ThinkAdvisor, Stone is accused of defrauding a former Fidelity client through a prolonged pattern of deception that continued even after his employment with the firm ended. The alleged misconduct included soliciting personal loans under pretenses, fabricating communications, including bogus attorney communications, and leveraging digital payment methods to conceal and facilitate the fraud.

Stone worked for Fidelity in Jacksonville, Florida, from 2007 until June 2021. Fidelity terminated him after discovering that he had solicited personal loans from clients. ThinkAdvisor reports that such conduct led to a bar by the Financial Industry Regulatory Authority (FINRA) in 2023. According to prosecutors, Stone’s misconduct escalated after his termination.

Prosecutors say Stone directed the victim to transfer funds through various channels, including wire transfers, checks, Zelle, and cash deposits into Bitcoin ATMs. He also sent cryptocurrency wallet addresses and QR codes to solicit Bitcoin payments. In total, Stone allegedly induced at least 613 financial transactions totaling over $2 million, which he used to support gambling, personal travel, and to pay off debts.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, fidelity

Return to Archive

TESTIMONIALS

Previous
Next

I want to thank you for your excellent professional representation. It was greatly appreciated.

Michael M.

LATEST NEWS AND ARTICLES

August 22, 2025
Former Fidelity Advisor Indicted for $2 Million Fraud Targeting Former Client

Federal prosecutors have charged former Fidelity Investments advisor Eric James Stone with 10 counts of wire and mail fraud and five counts of money laundering, accusing him of orchestrating a $2 million scheme that exploited a former client for personal gain.

August 21, 2025
CFP Board Faces Criticism for Omitting Key Disclosures from Public Search Tool

The CFP Board promotes its certificants as the “most trusted” financial professionals and directs consumers to its LetsMakeAPlan.org search tool. However, a Financial Planning analysis reveals a significant gap between the Board’s records and those maintained by FINRA’s BrokerCheck database.

August 20, 2025
LPL Financial Faces Lawsuit Over Alleged California Labor Code Violations

LPL Financial is facing a lawsuit in California Superior Court alleging widespread wage and hour violations affecting non-exempt employees across the state.