Paul Elvidge Jr, Port St. Lucie, FL, Barred by FINRA and Ordered to Pay Restitution of $620K to Clients

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, March, 2013.”

Paul Elvidge Jr. (CRD #1852650, Registered Principal, Port St. Lucie, Florida)

was barred from association with any FINRA member in any capacity and ordered to pay $620,177.90, plus interest, in restitution to customers.

Without admitting or denying the findings, Elvidge consented to the described sanctions and to the entry of findings that he wrongfully and without authorization converted funds for his own use and benefit from his member firm’s customer brokerage accounts by submitting wire transfer requests totaling $690,152.90 to the firm, ostensibly on the customers’ behalf, but the funds were wired into the operating account for Elvidge’s office.

FINRA's findings stated that Elvidge admitted that he forged the customers’ signatures on the wire transfer requests, and none of the customers were aware of or authorized the transfers. Once the funds were in Elvidge’s operating account, the majority were transferred to a futures trading account Elvidge owned and controlled, where the funds were lost due to trading activity. The findings also stated that Elvidge repaid one customer.
(FINRA Case #2012034412101)

According to FINRA's BrokerCheck, Paul Elvidge, Jr. was previously registered with FINRA at the following brokerage firms:

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

This ends the information from the FINRA website.

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