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.
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.