SEC Bars Florida Broker For $1.1 Million Fraud

Posted on August 30th, 2017 at 11:29 AM
SEC Bars Florida Broker For $1.1 Million Fraud

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has barred former Seacoast Investor Services and Cape Securities broker, Paul Elvidge from the securities industry.

According to the SEC, from 2010 through 2012, Mr. Elvidge transferred approximately $1.1 million from 10 of his customers’ brokerage accounts to his own personal bank and brokerage accounts by forging their signatures and by preparing fraudulent authorization forms. Mr. Elvidge used the $1.1 million to pay personal and business expenses and to conduct his own trades through his personal account.

Prior to the SEC’s ruling, Mr. Elvidge was criminally charged with 8 counts of wire fraud. Furthermore, Mr. Elvidge pled guilty to 62 months in prison and was ordered to pay almost $1.3 million in restitution to the victims of the fraud.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

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