In a terse disclosure, United States Attorney Roger B. Handberg announced a sweeping indictment against Jacksonville native Jared Dean Eakes. Standout allegations include five counts of wire fraud and three of bank fraud, with conviction potentially placing Eakes behind bars for up to two decades per wire fraud count, and 30 years for each bank fraud count. This was sourced from a justice.gov report dated July 25.
According to the indictment details, Eakes, 33, appeared to be smoothly maneuvering as a lawful investment advisor. He convinced various investment advisors to pass the reins of their ventures over to him. It was then that Eakes was alleged to quickly to start converting client funds to his personal use, a sum totaling approximately $2,737,462. He is accused of withdrawing cash, covering his personal bills, transferring money to a Las Vegas casino, and funneling funds into unauthorized options trading. These allegations point to a calculated exploitation of trust between January 2019 and February 2020.
The indictment goes on to illustrate Eakes' purportedly fraudulent activities through the Paycheck Protection Program (PPP). From March 2020 to November 2021, Eakes reportedly finessed about $4,752,270 in emergency funds through four PPP loans. This was in the wake of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which unfurled billions in loans to aid small businesses amid the COVID-19 pandemic.
The intent of the PPP was to cushion small businesses, earmarking loans for payroll and other essential overheads. Yet, Eakes is accused of submitting counterfeit paperwork and declarations concerning employee payrolls on these loan applications. These deceptive tactics allegedly allowed him to siphon off emergency loans to again engage in options trading or to simply withdraw them in cash, contrary to the stipulations of the PPP loans.
Notwithstanding the gravity of the charges, an indictment is not an iron-clad declaration of guilt but an initiation of formal legal proceedings, reminding us that any defendant enjoys the presumption of innocence until proven otherwise. Eakes' story will unfold further as the FBI and the Federal Housing Finance Agency – Office of Inspector General continue their investigation. Assistant United Weathers Attorneys David B. Mesrobian and Aakash Singh have the helm for the prosecution. Details are bound to ripple out as this significant case against Eakes progresses through the judicial system.
