Sentence Imposed for 20-Year Ponzi Scheme with Hundreds of Victims
One hundred and two months in prison and more than $17 million in restitution is the sentence handed down by a federal judge to a man who was accused of operating a 20-year Ponzi scheme that affected more than 200 investors.
78-year-old Richard Elkinson allegedly told investors that he was a broker for a Japanese manufacturer that sold uniforms to state government agencies. Mr. Elkinson reportedly promised investors a return of 9% – 15% on their investment. The US Attorney’s office asserts that Mr. Elkinson never participated in any uniform sales business and instead used money from later investors to pay back earlier investors in a classic Ponzi scheme.
Mr. Elkinson’s alleged scheme started to come apart in 2008 when investors started asking more detailed questions about their investments.
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