Florida men sentenced to prison for multi-million dollar fraud schemes

Two Florida men have received federal prison sentences for separate large-scale fraud schemes.

Eric James Stone, 43, of St. Augustine, was sentenced to six years and eight months in prison for wire fraud and money laundering. Stone exploited a 75-year-old woman by using his position as a financial advisor to solicit over $2 million through more than 600 fraudulent transactions. He used fake emails from banks and attorneys to deceive the victim, eventually spending much of the funds on foreign gambling websites. Stone was ordered to pay $2,037,103 in restitution.

James Elliott Davis, II, 37, of Ponte Vedra Beach, was sentenced to seven years and seven months for bank fraud, wire fraud, money laundering, and theft of mail. Between 2018 and 2022, Davis operated a fraudulent medical supply company, Medisale Inc., claiming to sell COVID-19 personal protective equipment (PPE) to hospitals. He used forged bank statements and check kiting to deceive investors into believing the company was profitable. The court ordered the forfeiture of $6,726,800 in criminal proceeds and required Davis to pay restitution to his victims.