Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

1775060885 Law
April 1, 2026
Florida FINRA Arbitration Panel Orders Charles Schwab to Pay $3.8 Million to Investors

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Charles Schwab & Co.

1774973592 Law
March 31, 2026
Cybersecurity Breach at Edelman Financial Engines Highlights Growing Risks for Advisory Firms

A recent cybersecurity incident involving Edelman Financial Engines has drawn attention to the increasing number of cyberattacks targeting registered investment advisers, according to Financial Advisor News.

1774884494 Law
March 30, 2026
SEC and CFTC Plan Coordinated Examinations and Enforcement Efforts

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) plan to coordinate examinations and enforcement actions involving firms that fall under both agencies' jurisdiction, signaling a renewed effort to streamline regulatory oversight, according to AdvisorHub.