A Jacksonville man pleaded guilty to defrauding investors and fraudulently obtaining COVID-19 Paycheck Protection Program (PPP) loans, according to the United States Attorney’s Office for the Middle District of Florida.

Officials said Jared Dean Eakes, 34, faces up to 50 years in prison after pleading guilty to wire and bank fraud.

According to the plea agreement, Eakes portrayed himself as a legitimate advisor and contacted investment advisors who were looking to sell their advisory businesses.

After negotiating to take over management of the advisors’ client assets, between approximately January 2019 and February 2020, Eakes converted approximately $2,737,462 of victim-investor funds to his own benefit by withdrawing the funds in cash, using investor funds to pay personal expenses, tr

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