Fake Adviser ‘Jake’ Drained $198,000 From Ohio Man, And Feds Have Frozen $65,000 Of It

Federal prosecutors in Ohio are trying to claw back 65,028.09 USDC from a fake adviser called “Jake Williams,” who talked an Eastlake man out of about $198,000 over three and a half months.

Key Takeaways

• The victim made about 60 transfers between Dec. 17, 2025, and March 31, 2026
• Investigators traced 65,028.09 USDC to one Ethereum address, and Circle froze it after a May 20 seizure warrant
• A civil forfeiture complaint filed Nov. 9 asks a court to hand over the coins so they can go back to the victim
• The FBI says other people have reported losing money to someone using the “Jake” name

The U.S. Attorney’s Office for the Northern District of Ohio announced the case on Nov. 13. The victim, from Eastlake in Lake County, lost about $200,000 of his savings and has not received any of it back.

Also Read: Crypto Thief Tricks 1,486 People Into Handing Over $95M With One Click

How The Scam Worked

“Jake Williams” cold-called the victim, claiming to be a financial adviser and crypto trading expert. After winning his trust, he persuaded the man to withdraw about half a million dollars from his retirement account, move part of it to a local bank and then send money to Coinbase.

Once the money reached the Coinbase account, “Jake” took remote control of the victim’s laptop, logged in and moved the funds to crypto addresses he controlled. He then showed the victim a wallet in his name supposedly worth about $860,000 with gains.

When the victim tried to withdraw, “Jake” claimed an IRS freeze was blocking it because the victim’s accountant had not filed taxes since 2021.

How The Money Was Frozen

The victim reported the scam to the FBI‘s Internet Crime Complaint Center, which led the FBI’s Cleveland office to investigate. Agents traced 65,028.09 USDC, a stablecoin issued by Circle and pegged one to one with the dollar, to an address on the Ethereum blockchain.

A federal magistrate judge issued a seizure warrant on May 20, and Circle blocklisted the address the same day, stopping any USDC from moving in or out.

What Happens Next

The complaint is a claim against the coins themselves, not a criminal charge against a person. The government must prove its case by a preponderance of the evidence, and if it wins, it would seek to return the money to the victim. Assistant U.S. Attorney James L. Morford is handling the case.

The FBI says people who suspect crypto fraud can report it at IC3.gov or call 1-833-372-8311.

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