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Stuart doctor sued for fraud, deception, financial mismanagement

West Palm Beach-Ft. Pierce WFLX-TV logo West Palm Beach-Ft. Pierce WFLX-TV 10/26/2020 Monica Magalhaes
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A Stuart doctor who was previously jailed for 22 counts of federal fraud, obstructing, justice, and money laundering in April of 2005 is now being sued in a 2019 case by another local physician and two Treasure Coast businessmen for fraud, deception, and financial mismanagement.

According to a news release, Dr. Paul Elliott is accused of creating a holdings group to build a memory care facility.

The release said Dr. Elliott sold the building being renovating after also selling all of its contents without notifying investors. After the sale, Dr. Elliott told the other investors that the building had been sold and he had lost money.

The suit alleges that Dr. Elliott defrauded investors, and paid himself loans he never made to the company. Dr. Elliott then overnight, according to the release, shut down the project and advised investors he was leaving the country the next day.

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