FINRA Bars Paul Elvidge, Jr., Port St. Lucie, Florida from Securities Industry and Orders Restitution of $620,177.90
Paul Elvidge Jr. (CRD #1852650, Registered Principal) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity and ordered to pay $620,177.90, plus interest, in restitution to customers. See FINRA Case #2012034412101. Elvidge was registered with FINRA at Cape Securities, Inc., and Seacoast Investor Services, Inc.
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. The 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.
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