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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.