Gerald Allan Eaton, Wire Fraud, Massachusetts 2021
BOSTON – A Massachusetts man has been accused of stealing millions of dollars from his clients.
Gerald Allan Eaton, a 51-year-old investment advisor from Acton, pleaded guilty to one count of wire fraud, one count of mail fraud and one count of aggravated identity theft.
The crimes occurred from at least 1999 through October 2019, when Eaton stole more than $3.7 million from more than 20 clients.
Eaton sold securities, insurance policies and annuities in clients' accounts and caused the proceeds to be sent to accounts he owned or controlled.
He also forged clients' signatures on checks and documents, or caused clients to sign documents by falsely representing that the proceeds of transactions would be used for the clients' benefit.
Eaton faces up to 20 years in prison, three years of supervised release and a $250,000 fine or twice the gross gain/loss, whichever is greater, for the mail and wire fraud charges.
The aggravated identity theft charge carries a mandatory sentence of two years in prison to be served consecutive to any other sentence imposed, one year of supervised release, a fine of $250,000 and restitution.
U.S. District Judge Douglas P. Woodlock scheduled sentencing for January 26, 2021.
In a parallel action, the Securities and Exchange Commission (SEC) entered an order barring Eaton from the securities industry based on the same conduct.
United States Attorney Andrew E. Lelling and Joseph W. Cronin, Inspector in Charge of the U.S. Postal Inspection Service made the announcement today.
Assistant U. S. Attorney Jordi de Llano prosecuted the case.
Mandatory Facts:
Defendant: Gerald Allan Eaton, 51, Acton, Massachusetts.
Criminal Charges: Wire fraud, mail fraud, and aggravated identity theft.
City and State: Boston, Massachusetts.
Date: January 26, 2021 (sentencing).
Sentence or Outcome: Up to 20 years in prison, three years of supervised release and a $250,000 fine or twice the gross gain/loss, whichever is greater, for mail and wire fraud charges. Mandatory two years in prison for aggravated identity theft charge.
Dollar Amounts: More than $3.7 million stolen from clients' accounts.
Key Facts
- State: Massachusetts
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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