Securities fraud lawyers at Meyer Wilson are currently investigating misconduct accusations against former Cape Securities Inc. Broker Paul Elvidge that he misappropriated $690,000 from his clients.
Former Broker Paul Elvidge of Cape Securities Inc. (CRD# 1852650) was accused by the Financial Industry Regulatory Authority (FINRA) of converting the funds of seven Cape Securities customers from February 2012 to September 2012. According to FINRA’s Letter of Acceptance, Waiver and Consent, Elvidge misappropriated these funds through a series of 21 wire transfer requests in which he forged his customers’ signatures without their knowledge or consent.
FINRA described these wire transfers as “wrongful and without authorization.” The funds were allegedly sent directly into an operating account for Elvidge’s office. Elvidge then allegedly used the money for a futures trading account where he lost the money due to trading activity. Elvidge was barred from the securities industry in 2013.
This week, FINRA also announced that during the period Elvidge is accused of this misconduct, the Chief Compliance Officer for Cape Securities allegedly failed to establish, maintain, and enforce a supervisory system at the brokerage firm with regard to Elvidge’s misconduct.
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If you invested with Paul Elvidge of Cape Securities and you lost money, we invite you to contact Meyer Wilson to tell us what happened. We represent investors nationwide who lost money through investment fraud and misconduct, so contact us today by calling 888-390-6491 or filling out a free case review form.
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