Florida Financial Advisor Sentenced for Laundering Proceeds of $2 Million Elder Fraud
A Florida financial advisor has been sentenced to six years and eight months in federal prison for wire fraud and money laundering after defrauding a 75-year-old woman of more than $2 million.
The U.S. Attorney’s Office for the Middle District of Florida said on August 20, 2026 that Eric James Stone, 43, of St. Augustine, was sentenced by U.S. District Judge Jordan E. Pratt. Stone was also ordered to pay $2,037,103 in restitution to the victim. He had pleaded guilty on March 24, 2026.
More than 600 transactions over roughly three years
According to court documents described by the Justice Department, Stone used his position as a financial advisor to build a relationship with the victim and solicit money from her. Over approximately three years, he persuaded her to make more than 600 transactions that transferred over $2 million to him.
To sustain the fraud, Stone sent the victim fraudulent emails purporting to come from attorneys, banks and other internet websites. Federal prosecutors said he spent most of the stolen money on foreign gambling websites.
The public Justice Department release does not describe the individual laundering transactions or specify the precise financial channels used for the money-laundering offence. The case nevertheless resulted in a money-laundering conviction as part of Stone’s March guilty plea, rather than merely an allegation of laundering.
IRS-CI and FBI investigated the case
The investigation was conducted by IRS Criminal Investigation and the FBI. Assistant U.S. Attorney John Cannizzaro prosecuted the case, while Assistant U.S. Attorney Clint J. Locke is handling forfeiture matters.
The case illustrates how financial-crime exposure can arise from abuse of a trusted professional relationship as well as from the subsequent handling of fraud proceeds. For AML teams, the combination of repeated transfers, unusual beneficiary behaviour and movement of funds toward overseas gambling channels can be relevant when assessing fraud-linked laundering risk.
