Mass. Man Cops To $15M Ponzi Scheme

Law360, New York (April 14, 2011, 1:12 PM EDT) -- A 77-year-old Framingham, Mass., man pled guilty Wednesday to 18 counts of mail fraud in connection with a $15 million Ponzi scheme built on a fictitious manufacturing business.

Richard Elkinson was accused of defrauding about 130 investors by telling them he was in the business of brokering contracts on behalf of a Japanese firm that manufactured uniforms for state and local governments, according to an indictment filed in the U.S. District Court for the District of Massachusetts in February 2010.

Elkinson faces a maximum sentence of...
To view the full article, register now.