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Financial planner sentenced for stealing $3.8M from clients
March 17, 2021
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BOSTON (AP) A Massachusetts investment adviser who authorities say stole almost $4 million from his clients, many of whom were older or in poor mental or physical condition, has been sentenced to nearly nine years in prison, federal prosecutors say.
Gerald Allan Eaton, 51, of Acton, was also ordered Tuesday to pay his clients about $5.5 million in restitution and interest, according to the U.S. attorney s office in Boston.
He pleaded guilty in September to wire fraud, mail fraud and aggravated identity theft. In all, he stole $3.8 million from 20 clients, authorities said.
Investment advisor Gerald Allan Eaton, of Acton, sentenced for stealing more than $3.8 million from 20 clients
Updated Mar 17, 2021;
A 51-year-old Acton man was sentenced in federal court in Boston on Wednesday for stealing more than $3.8 million from clients through his financial planning company.
Gerald Allan Eaton was ordered to pay $3,824,930 in restitution and another $1,698,701 in pre-judgment interest after defrauding more than 20 clients in his role as a financial planner, according to Acting United States Attorney Nathaniel R. Mendell’s office.
In September, Eaton pleaded guilty to one count of wire fraud, one count of mail fraud and one count of aggravated identity theft, authorities said.