Former Florida Broker Pleads Guilty in $2.7 Million Investment Fraud and PPP Loan Scheme

Posted on November 3rd, 2025 at 9:53 AM
Former Florida Broker Pleads Guilty in $2.7 Million Investment Fraud and PPP Loan Scheme

From the desk of Jim Eccleston at Eccleston Law

Former Florida broker Jared Dean Eakes, 34, of Jacksonville, has pleaded guilty to wire and bank fraud in connection with a $2.7 million investment scam and a separate scheme involving over $4.75 million in fraudulent Paycheck Protection Program (PPP) loans, according to U.S. Attorney Gregory W. Kehoe for the Middle District of Florida. Eakes faces a maximum sentence of 50 years in prison, as reported by ThinkAdvisor.

From January 2019 through February 2020, Eakes falsely held himself out as a legitimate financial advisor operating several firms, with millions of assets under management (AUM). ThinkAdvisor reports that he allegedly targeted advisors seeking to sell their books of business and purchased client portfolios from two of them. According to the plea agreement, most of the 17 affected clients were over the age of 65. After assuming control of their assets, Eakes diverted investor funds for personal use. ThinkAdvisor reports that Eakes used the funds for cash withdrawals, personal expenses, money transfers to a Las Vegas casino company, and executing unauthorized options trades in his own brokerage account.

Prosecutors said Eakes used new investor funds to repay prior victims and even paid the former advisors using misappropriated client assets.

Between March 2020 and November 2021, Eakes also submitted four fraudulent PPP loan applications, two of which were tied to entities involved in the investment fraud scheme. His applications contained false statements and fabricated documentation regarding payroll and employee counts. After receiving the pandemic relief funds, Eakes used the proceeds for speculative trading and personal withdrawals, in violation of the program’s terms requiring use for legitimate business expenses such as payroll and rent.

According to ThinkAdvisor, Eakes agreed to forfeit all proceeds from both the investment fraud and PPP fraud schemes and to make full restitution to the victims. A sentencing date has not yet been scheduled.

 

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

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