Paul Elvidge, Wire Fraud, Florida 2023

A Port St. Lucie broker has pleaded guilty to wire fraud and aggravated identity theft in a scheme that saw him embezzle over $1,000,000 from client investment accounts. Paul Elvidge, 53, of Port St. Lucie, FL, admitted to the crimes in a Florida court.

According to court documents, Elvidge managed Seacoast Investor Services, 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 accounts. From July 2010 to October 2012, Elvidge embezzled approximately $1,113,594 from client accounts by preparing fraudulent forms and forging account holders’ signatures.

Elvidge used the fraudulently obtained monies to pay for personal and business expenses, and to fund his personal day-trading activities. He 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.

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

The scheme was carried out between July 2010 and October 2012, with Elvidge using his position to embezzle funds from client accounts. He forged account holders’ signatures and prepared fraudulent forms to facilitate the scheme.

Elvidge pleaded guilty 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.

The case is a reminder of the importance of vigilance in protecting financial assets. It is a stark reminder that even those in positions of trust can abuse that trust to commit serious crimes.

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