FORTUNE — Ten days ago I reported that a group of former Advanced Equities brokers had resurfaced at Newport Beach-based Roth Capital Partners, with plans to open a Chicago office and launch a venture finance group. My original source was a January 21 email sent by two of the brokers, Kevin Graetz and Joe Hede, to their former Advanced Equities clients.
The email read, in part:
“A number of former AEI associates and I have come together to launch a new Venture Finance Group for ROTH Capital Partners – a California-based investment bank founded in 1984. Our Group’s primary focus will be leading venture round financings for private companies brought to us by our long-standing VC relationships as well as our connected, sophisticated high net worth individual (such as yourself) and institutional clientele… Together with our new colleagues at ROTH, we look forward to creating synergies which will improve both the breadth of investment opportunities we can offer you as well as the breadth of services we can offer our portfolio companies post our venture round investments.”
Roth declined to comment at the time, but the transition by Graetz, Hede and at least eight of the fellow AEI vets also was reflected in their LinkinIn profiles.
So imagine my surprise to receive a copy of yet another email from Graetz and Hede, this time announcing that they’ve joined a different firm. The correspondence, dated last Thursday, reads:
Kevin Graetz and Joe Hede are pleased to announce they have joined Paulson Investment Company, Inc. as part of the Private Equity Venture Group. Since 1978, Paulson Investment Company, Inc. has built a strong and unique reputation as a leading investment banker specializing in small and emerging growth companies with capital needs of $5 million to $50 million. Paulson Investment Company, Inc. has served as a manager or lead underwriter for over 160 offerings, raising over $1 billion for clients.
I rang up Graetz, who hung up after I introduced myself. A message left for Hede has not yet been returned, although both men do seem to now be working a Paulson Investment Co.’s New York office.
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Also worth noting that their LinkedIn profiles reflect just one month of work at Roth Capital. Same goes for Sean Rogers, a former Advanced Equities senior managing director who does not appear to have joined Paulson.
I’ve put in a new call to Roth to find out what’s going on, but am not holding my breath. The phone number for its Chicago office does not get picked up.
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