A St. Johns County man is facing serious charges after being indicted on multiple counts of fraud and money laundering, a scheme that reportedly cost his victims $2 million. Eric James Stone, a 42-year-old resident of St. Augustine, was charged with 10 counts of fraud, including both wire and mail fraud, as well as 5 counts of money laundering, according to a statement from the U.S. Attorney’s Office, Middle District of Florida.
Stone, who was terminated from Fidelity Investments in June 2021 over allegations of soliciting loans from clients, continued to engage in financial deception even after his firing – promising repayment on personal loans from former clients which he never intended to honor. The indictment outlines how one victim was led to believe her investment returns were tied up in litigation expenses and thus provided Stone with funds exceeding $2 million, money he then used for personal indulgences, such as gambling and travel.
Each count of fraud that Stone is indicted for could land him up to 20 years in a federal penitentiary, while the money laundering charges come with a potential of 10 years each. What remains clear is that the promise of wealth was but a shadow under which dishonesty and predation thrived, as Stone allegedly defrauded his trusting clients out of significant sums of money.
The investigation that brought Stone’s alleged activities to light was a collaborative effort, involving the Internal Revenue Service—Criminal Investigation and the Federal Bureau of Investigation, with assistance from additional agencies including the United States Postal Inspection Service, the United States Secret Service, and authorities from St. Johns County and Florida’s Department of Corrections. Assistant United States Attorney John Cannizzaro is the lead prosecutor on the case.
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