The White Law Group is following a local securities fraud case in the neighboring town of Port St. Lucie.
According to TCPalm, securities broker, Paul Elvidge was sentenced to prison for wire fraud and aggravated identity theft. Authorities allege that from 2010 to 2012, Elvidge forged his clients’ signatures to authorize wire transfers from client’s brokerage accounts to his own personal accounts. Allegedly, Elvidge used the money to pay personal and business expenses as well as day trading on the stock market.
Elvidge was ordered to pay $1.3 million in restitution. However, it is unclear if he has the money to repay investors. As such, The White Law Group is investigating other avenues to recover investment losses.
Brokerage firms have a responsibility to adequately monitor the activities of their employees. When a broker is imprisoned for violating securities laws, the brokerage firm may be liable for negligent supervision and responsible for investment losses.
According to BrokerCheck, Elvidge worked in Port St. Lucie with Seacoast Investor services from 10/1988 through 05/2012 and with Cape Securities from 08/2011 through 10/2012.
If you invested with Paul Elvidge and have questions about your investments, please call The White Law Group’s Vero Beach office at (772)242-9330 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.