Core Points - A former registered advisor in Florida, Jared Dean Eakes, has pleaded guilty to defrauding advisory firms and their clients, as well as fraudulently obtaining Paycheck Protection Program (PPP) loans during the COVID-19 pandemic [1][2] Group 1: Fraudulent Activities - Eakes misappropriated over $2.6 million from clients of his firm, GraySail Advisers, after previously working for Merrill Lynch [2] - He sought out advisory firms looking to sell their businesses, taking in over $2.6 million in investor funds, which he funneled through a shell company [4] - Eakes used the misappropriated funds for personal expenses, including options trading and transferring over $115,000 to a casino [5] Group 2: PPP Loan Fraud - During the pandemic, Eakes fraudulently obtained PPP loans by submitting false applications, claiming non-existent employees for companies involved in his investor fraud scheme [6][7] - The PPP loans were intended to help small businesses during the economic downturn caused by the pandemic, with Congress allocating hundreds of billions for this purpose [7]
Florida Former Advisor Pleads Guilty to Scamming Firms, Clients and Feds
Yahoo Finance·2025-10-01 15:56