GERALD ALLAN EATON (GERALD EATON) CRD#: 2279093, a former financial advisor with COMMONWEALTH FINANCIAL NETWORK of Acton, Massachusetts, who was barred by FINRA in November of 2019, and the SEC in September of 2020, pleaded guilty to stealing from over 20 clients, more than $3.7 million, over a ten year period.
According to the US Attorney’s Office for the District of Massachusetts, GERALD EATON pleaded guilty to one count of wire fraud, one count of mail fraud and one count of aggravated identity theft. Eaton faces up to 20 years in prison and fines up to $250,000. His sentencing is scheduled in early 2021.
GERALD EATON stole close to $4 million in client funds, according to the US Attorney’s Office, between 1999 and 2019, by moving the proceeds from the sale of securities and insurance policies in his clients’ accounts to accounts that he personally owned or controlled. Eaton also forged clients’ signatures on checks and financial documents, according to the Attorney’s Office. According to an article in Financial Advisor IQ, Eaton worked as a certified financial planner, doing business under the name Heritage Financial Group.
According to FINRA’s BrokerCheck, GERALD EATON, was registered with COMMONWEALTH FINANCIAL NETWORK in Acton, Massachusetts, from March of 1995 through October of 2019. Eaton was with Commonwealth until he was terminated by Form U5 filed Nov. 1, 2019. In that form, Commonwealth stated the reason for the termination was that Eaton “fraudulently facilitated distributions from the accounts of clients without their knowledge or consent or for their benefit.”
According to BrokerCheck, Eaton has 3 disclosures on his FINRA CRD report. Two disclosures are “Regulatory” which barred him from the industry by both FINRA and the SEC, and there is an “Employment Separation After Allegations,” in which Commonwealth discharged GERALD EATON on October 28, 2019, following allegations of, “Forgery, wrongful taking of property.”
If you’ve experienced losses due to the actions or recommendations of GERALD EATON, who was formerly with COMMONWEALTH FINANCIAL NETWORK in Acton, Massachusetts, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee to you if no recovery.