Port St. Lucie, FL
The Miami Division of the Federal Bureau of Investigation (FBI) announced that Paul Elvidge, 54, of Port Saint Lucie, Florida, was sentenced by US DIstrict Judge Jose E. Martinez to 87 months in prison and ordered to pay $1.3 million restitution for embezzling from client investment accounts while acting as a securities broker for Cape Securities, Inc. and Seacoast Investor Services, Inc.
According to the release, Elvidge fraudulently authorized numerous wire transfers from his client’s brokerage accounts to his own personal bank and brokerage accounts, by preparing fraudulent letters of authorization and then forging the customer’s signature.
If you have questions about losses in your brokerage account, call to discuss your legal options with an experienced securities attorney.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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