Ponzi Mastermind Gambled Away $28M: SEC

Law360, New York (January 7, 2010, 6:33 PM EST) -- The U.S. Securities and Exchange Commission has accused a 76-year-old man of masterminding a long-running Ponzi scheme that bilked investors of as much as $28 million, much of which he allegedly spent on gambling excursions.

In a lawsuit filed Thursday in the U.S. District Court for the District of Massachusetts, the SEC claims Richard Elkinson operated a “classic Ponzi scheme” in which he defrauded about 130 investors by telling them he was in the business of brokering contracts on behalf of a Japanese firm that manufactured...
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