September 30, 2025

Jacksonville Man Pleads Guilty to Federal Fraud Charges

News Summary

Jared Dean Eakes of Jacksonville has pled guilty to federal wire fraud and bank fraud. His scheme involved defrauding investors and improperly obtaining COVID-19 loans, totaling over $7.4 million. Eakes misrepresented himself as a financial advisor and diverted funds for personal use, including gambling. Along with criminal charges, he faces civil action from the SEC for misappropriating clients’ funds. Eakes is liable for restitution and has consented to forfeit a significant amount as part of his plea agreement.

Jacksonville – Jared Dean Eakes, a 34-year-old resident of Jacksonville, has pleaded guilty to charges of federal wire fraud and bank fraud, placing himself at risk of facing up to 50 years in prison. His guilty plea is tied to a scheme that involved defrauding multiple investors and fraudulently obtaining funds through COVID-19 related loans.

Eakes masqueraded as a legitimate financial advisor, targeting other investment advisors to persuade them into selling their advisory businesses to him. From January 2019 to February 2020, he misappropriated approximately $2,737,462 from victim-investors for personal use. His fraudulent activities included withdrawing cash from investment accounts, covering personal expenses, transferring money to a Las Vegas-based casino, and engaging in unauthorized options trading with the investors’ funds.

Between March 2020 and November 2021, Eakes further engaged in fraudulent activities through the Paycheck Protection Program (PPP) by securing about $4,752,270 through four fraudulent loan applications. The PPP was initiated to assist small businesses affected by the COVID-19 pandemic, allowing for loans with a two-year maturity and a 1% interest rate. The funds obtained were mandated to be utilized for qualifying expenses such as payroll, rent, and utilities.

However, Eakes did not adhere to these requirements. Instead of using the loan proceeds for legitimate purposes, he diverted the money for options trading and continued cash withdrawals. Each of his PPP loan applications was built on false claims regarding employee numbers and payroll documentation.

As part of his plea agreement, Eakes has consented to forfeit a total of $7,489,732.20, including the funds from both the fraudulent investor scheme and the PPP loan fraud. Furthermore, he is obligated to make full restitution to his victims. Although a sentencing date has not yet been established, Eakes’ legal issues aren’t confined to criminal proceedings.

In addition to the federal charges, Eakes has faced civil action from the Securities and Exchange Commission (SEC) for allegedly misappropriating $2.6 million from clients at his company, GraySail Advisers, LLC. Documents indicate that Eakes manipulated investor funds across his accounts, including moving money to a company identified as a shell corporation, Small World Capital LLC.

Eakes’ run-ins with the law culminated in his arrest in May 2024 following a traffic stop, just weeks after a warrant was issued related to his criminal case. His civil case with the SEC, which had been temporarily paused while questions regarding his mental competency were resolved, is expected to resume shortly.

This case underscores the significant risks associated with financial fraud, particularly in light of the economic strains caused by the COVID-19 pandemic which led to the establishment of programs like the PPP. Eakes’ activities reflect a broader trend of fraud wherein individuals exploit programs designed to assist those in need during challenging times.

Both the plea and the SEC’s involvement highlight the ongoing commitment of federal authorities to combat investment fraud and misuse of pandemic relief funds. It’s a stark reminder that those who defraud investors and exploit government programs for personal gain face severe consequences under the law.

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Author: STAFF HERE JACKSONVILLE WRITER

The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.

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