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Framingham Man Sentenced to 102 Months for Alleged Ponzi Scheme

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 in Mississippi.

The investment fraud attorneys with Meyer Wilson represent investors who have been harmed by Ponzi schemes and financial fraud in stockbroker mediation, arbitration, and litigation.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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