News and Press Releases

Port St. Lucie Broker Pleads Guilty to Wire Fraud Embezzlement Scheme

FOR IMMEDIATE RELEASE
January 29, 2014

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, Michael B. Steinbach, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, and Danny Banks, Special Agent in Charge, Florida Department of Law Enforcement (FDLE), announce today that defendant Paul Elvidge, 53, of Port St. Lucie, FL, pled guilty to wire fraud and aggravated identity theft for embezzling more than $1,000,000 from client investment accounts while acting as a securities broker for Cape Securities, Inc. and Seacoast Investor Services, Inc.

Elvidge pled guilty before U.S. District Judge Jose E. Martinez to eight counts of wire fraud, in violation of Title 18, United States Code, Section 1343, and one count of aggravated identity theft, in violation of Title 18, United States Code, Section 1028A. Elvidge faces a maximum statutory sentence of up to twenty years in prison on each of the wire fraud counts, and a consecutive penalty of two years in prison on the aggravated identity theft count.

According to court pleadings, Elvidge managed and operated Seacoast Investor Services, which later was purchased by Cape Securities, as a brokerage and investment firm in Port St. Lucie. As a registered representative and stockbroker, Elvidge had access to clients’ brokerage accounts and was able to direct wire transfers from these brokerage accounts. From July 2010 to October 2012, Elvidge Jr. embezzled approximately $1,113,594 from client accounts by preparing fraudulent forms and forging account holders’ signatures. Elvidge Jr. used the fraudulently obtained monies to pay for personal and business expenses, and to fund his personal day-trading activities.

Mr. Ferrer commended the investigative efforts of the FBI and FDLE. This case is being prosecuted by Assistant U.S. Attorney Shaniek Maynard.

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A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.

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