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ST. JOHNS COUNTY, Fla. - A Florida man has been indicted for a $2 million fraud scheme, officials say.
Eric James Stone is being charged with 10 counts of fraud (wire and mail) and five counts of money laundering. If convicted, each fraud charge carries a maximum penalty of 20 years in federal prison, and each money laundering charge carries a maximum penalty of 10 years in federal prison.
$2 million fraud scheme
What we know:
United States Attorney Gregory W. Kehoe announced the return of the indictment on Wednesday.
According to court documents, Stone was fired from Fidelity Investments in June 2021 due to allegations he had solicited and obtained loans from his clients.
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After Stone was terminated, he allegedly began to solicit money from his former clients by way of personal loans. Stone promised to repay the loans, but officials say he never did.
After one victim provided loan proceeds to Stone, she was advised there was an investigation into the funds, and Stone had incurred costs and fees that also needed to be paid before he could repay her. Stone allegedly created fake email accounts, sent fake text messages and pretended to hire attorneys to further defraud the woman. In total, the woman paid Stone more than $2 million, which he used to fund gambling activities, personal travel and satisfy personal debts.
Investigation continues
What's next:
An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.
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The case is being investigated by the Internal Revenue Service (IRS) — Criminal Investigation and the Federal Bureau of Investigation with assistance from the United States Postal Inspection Service, the United States Secret Service, the St. Johns County Sheriff’s Office and the Florida Department of Corrections. The case is being prosecuted by Assistant United States Attorney John Cannizzaro.
The Source: This story was written based on information shared by the Internal Revenue Service (IRS) and United States Attorney Gregory W. Kehoe.