Two Mass. brokers face complaint over alleged Ponzi scheme

Massachusetts regulators allege two Newton financial advisers and their company connected to a Framingham man's alleged Ponzi scheme have been operating as unregistered brokers.
JAN 11, 2010
Massachusetts regulators allege two Newton financial advisers and their company connected to a Framingham man's alleged Ponzi scheme have been operating as unregistered brokers. As part of a civil complaint, Secretary of State William Galvin is seeking a cease-and-desist order for Jay Fialkow and Jeffrey Ross and their company, RossFialkow Capital Partners LLP. Authorities say the Newton men sold more than $4 million in promissory notes issued by uniform contractor Richard Elkinson to at least 70 investors. Federal prosecutors have charged Elkinson with running a Ponzi scheme that stole about $29 million from 130 victims. The Secretary of State's office says Ross and Fialkow are not registered to sell securities in Massachusetts. A message left at RossFialkow's office was not immediately returned Wednesday.

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