Richard Elkinson, of Framingham, recently received a 102-month prison sentence
for an alleged
Ponzi scheme. Elkinson pleaded guilty earlier this year to 18 counts of mail fraud
in the scheme.
Officials say that Elkinson ran the Ponzi scheme over the course of 20
years, and told investors that he worked as a broker with a clothing manufacturer
in Japan. Investors were told that the company contracted to make uniforms
for the U.S. government, and they could make returns of 9% - 15% investing
in the deal. Unfortunately, officials state that the investment opportunity
was a sham, and Elkinson was using investors' cash to pay off prior
investors. Investors apparently received no documentation from Elkinson
in the deal except for promissory notes.
Investors started to get wise to the alleged scam in the aftermath of the
Bernard Madoff news. As his investors started asking for documentation
and information, Elkinson apparently started making plans to flee. He
left Framingham at the end of 2009 and was picked up later at a casino
investment fraud attorneys with Meyer Wilson represent investors who have been harmed by Ponzi schemes
and financial fraud in
stockbroker mediation, arbitration, and litigation.