Ponzi scheme suspect arrested in casino

Jan 12, 2010 @ 5:53 pm

By Associated Press

A judge in Mississippi has ordered a Massachusetts man returned to Boston where he will face federal charges alleging he ran a $28 million Ponzi scheme.

Richard Elkinson had been arrested this past week at a casino in Biloxi, Miss. On Monday, he waived his right to a hearing in federal court in Gulfport.

U.S. Magistrate John M. Roper ordered the 76-year-old Elkinson given over to U.S. marshals for his return to Boston.

This past week, U.S. District Judge Joseph Tauro in Boston froze Elkinson's assets at the request of the Securities and Exchange Commission.

Federal prosecutors allege the 76-year-old Elkinson, of Framington, Mass., stole $28 million from about 130 victims since 1997 by selling unregistered securities in the form of promissory notes.

Elkinson allegedly claimed he had contracts to sell uniforms. Federal authorities say he had no such contracts, repaid investors with money obtained from new investors, and used the money for personal purposes, including gambling.

Court documents showed the FBI tracked Elkinson to Mississippi after the man left Las Vegas on Dec. 22.


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