A former St. Augustine financial adviser is accused of defrauding a Maryland man out of more than $2 million and using the money to fund gambling, travel, and personal debts, according to a federal indictment unsealed this week.
Eric James Stone, who worked as a FINRA-registered representative at Fidelity Investments in Jacksonville from 2007 to 2021, was indicted on charges of wire fraud, mail fraud, and money laundering.
In a press release, prosecutors said Stone launched the scheme shortly after being fired by Fidelity for soliciting and receiving personal loans from clients—conduct that also led to his permanent bar from the brokerage industry in 2023.
The scheme began when Stone asked the victim, a man from Mount Airy, Maryland, for a $30,000 loan, claiming he would repay it with interest.
When he failed to do so, prosecutors say, Stone created a web of fake email accounts to prolong the deception and pressure the victim for more money.
Posing as a PayPal representative, Stone allegedly told the victim that the initial loan had triggered an internal investigation, resulting in additional fees. He then impersonated state investigators and attorneys using other fake email addresses, telling the victim those fees had to be paid in order to release the original loan and interest.
To facilitate further transfers, Stone persuaded the victim to open multiple financial accounts, including cryptocurrency wallets.
Over the course of the scheme, the victim made 613 payments totaling $2,037,103, federal authorities said.
Stone allegedly used the money for gambling, vacations, and to pay off personal debts.
The indictment was filed in the Middle District of Florida. If convicted, Stone faces substantial prison time and potential forfeiture of assets.
The case was investigated by the FBI and is being prosecuted by the U.S. Attorney’s Office for the Middle District of Florida.
