On January 30th., 2014, Paul Elvidge, a 53-year-old securities broker from Port St. Lucie, Florida, pleaded guilty to federal charges of embezzling more than $1 million from client accounts, wire fraud, and aggravated identity theft.
Paul Elvidge operated Seacoast Investor Services, which was purchased by Cape Securities in Port St. Lucie.
The $1.1 million embezzlement took place from July 2010 to October 2012. Elvidge prepared fraudulent forms and forged signatures of account holders. Then, according to the U.S. Attorney's office, Elvidge used the money for personal and business expenses, and funding his own day-trading.
Elvidge has not been sentenced but each of the eight counts of wire fraud carries a possible 20 years and one count of identity theft up to two years.
According to FINRA's BrokerCheck, Paul Elvidge was previously registered with the following FINRA firm(s):
CAPE SECURITIES INC. (CRD# 7072) - PORT ST LUCIE, FL
08/2011 - 10/2012
SEACOAST INVESTOR SERVICES, INC. (CRD# 18615) - PORT ST LUCIE, FL
10/1988 - 05/2012
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