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Mass. Advisor Guilty of Stealing $4M from Clients

Gerald Eaton, a Massachusetts-based investment advisor and financial planner working for Heritage Financial Group pleaded guilty to stealing in excess of $3.7 million. So reports Patch.

jail cage 1161869 640 smallHe funneled the money from the accounts of more than 20 clients over a 10-year period, according to the U.S. Attorney's Office for the District of Massachusetts.

Eaton pleaded guilty to wire fraud, mail fraud and aggravated identity theft. He stole the money by selling securities and insurance policies owned by clients and sending the proceeds to his own accounts or accounts he controlled. Eaton could spend up to 20 years in jail, plus probation and a fine, for the mail and wire fraud crimes. He could also face a fine, restitution and two years for the identity theft charge, which would be served consecutively to any other prison sentence.

Read the full article from Patch, Acton, MA.

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