High Roller Hit With $29M Ponzi Judgment

Law360, New York (June 14, 2010, 1:00 PM EDT) -- The U.S. Securities and Exchange Commission has won a $29 million default judgment against a 76-year-old man accused of masterminding a long-running Ponzi scheme and blowing investors' money on Las Vegas gambling sprees.

After alleged swindler Richard Elkinson failed to respond to the complaint, Judge Joseph L. Tauro granted the SEC a default judgment Thursday in the U.S. District Court for the District of Massachusetts, terminating the enforcement action roughly five months after regulators charged Elkinson with fraud.

The defendant is required to disgorge roughly $28.5...
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