JACKSONVILLE, Fla — A Jacksonville man faces up to 50 years in prison after pleading guilty to wire fraud and bank fraud. Court documents say 34-year-old Jared Dean Eakes defrauded investors and received fraudulent Paycheck Protection Program (PPP) loans.

According to his plea agreement, Eakes presented himself as an advisor and contacted investment advisors who were looking to sell their business. The documents state that, between 2019 and 2020, after taking over management of the client assets, Eakes converted over $2.7 million of victim-investor funds to his own benefit by withdrawing cash, paying for personal expenses, transferring money to a Las Vegas-based casino company, and engaging in unauthorized options trading.

Documents add that from 2020 to 2021, Eakes fraudulently secured over $4.7 million through PPP loans. PPP loans were used by businesses that were suffering economically during the COVID-19 pandemic. The loan would be used for payroll costs, mortgage interest, rent, and utilities. The agreement says Eakes submitted four PPP loan applications, two of which were businesses involved in the scheme to defraud investors, that contained false and fraudulent documentation and statements. Eakes would use the money from the loans to either engage in options trading or withdraw it in cash.

Eakes has agreed to pay restitution to the victims and forfeit the money from defrauded investors and from the fraudulent PPP loans. No sentencing date has been set.

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