A Framingham man has been charged with running a Ponzi scheme that stole about $29 million from 130 victims over more than a decade, federal prosecutors said.
Richard Elkinson, 76, of Framingham was arrested in Mississippi yesterday and charged in Boston with mail fraud. He could face up to 20 years in prison.
Elkinson allegedly claimed that, beginning in about 1997, he had large contracts to sell uniforms to various police and prison agencies, and offered lucrative returns to investors who would pay half the contract value to begin manufacturing.
Prosecutors said Elkinson began to default on repayments early last year, giving investors “a variety of excuses” including that his wife was ill.
Elkinson, who did business under the name North East Sales, could not be reached for comment.
Source: Boston Herald, January 6, 2010
