Jared Dean Eakes, a former Florida-based broker and advisor, has pleaded guilty to multiple counts of wire and bank fraud in connection with a multi-million-dollar investment scam and fraudulent pandemic loan scheme.
Eakes, 34, of Jacksonville, could face up to 50 years in prison after admitting to defrauding investors out of $2.7 million and illegally obtaining more than $4.75 million in Paycheck Protection Program (PPP) loans, according to U.S. Attorney Gregory W. Kehoe for the Middle District of Florida.
From as early as January 2019 through February 2020, Eakes misrepresented himself as a legitimate financial advisor managing firms with millions in assets. He targeted advisors looking to sell their businesses, acquiring client portfolios from two of them. Most of the 17 victims were seniors over the age of 65.
Instead of managing client funds as promised, Eakes used the money for personal gain — withdrawing cash, paying personal expenses, transferring funds to a Las Vegas casino company, and conducting unauthorized options trades in his personal brokerage account. Some clients were partially or fully repaid using funds from other victims, mimicking a Ponzi-like structure, the plea deal reveals.
Additionally, between March 2020 and November 2021, Eakes submitted fraudulent applications for four PPP loans, two of which were linked to the same businesses used in the investment fraud. The applications included fake payroll data and employee information. Once approved, he used the funds for cash withdrawals and risky options trading.
As part of his plea agreement, Eakes will forfeit the proceeds from the scams and make full restitution to the victims. Sentencing has not yet been scheduled.
The case was investigated by the FBI and the Federal Housing Finance Agency’s Office of Inspector General. Records show Eakes was previously registered with Merrill Lynch from 2016 to 2018 and was permanently barred by the Alabama Securities Commission in 2022 for misusing client funds.
