So that's where the gambling goes down around here.
"Ponzi suspect told to pay $29m in fine, settlement" by Steven Syre, Globe Staff | June 12, 2010
Richard Elkinson of Framingham, who allegedly bilked 130 investors in a Ponzi scheme, was ordered by a federal judge yesterday to pay a fine and settlement charges totaling $29 million.
US District Judge Joseph Tauro signed the final judgment ordering Elkinson, 77, to return $28 million in profits from the scheme and pay a $1 million fine to settle civil charges brought by the US Securities and Exchange Commission.
Elkinson, who also faces criminal charges in connection with the scheme, raised funds from investors who believed their money was supporting a uniform-financing business, but no such company existed. Prosecutors allege that Elkinson used the money in part to support gambling trips to Las Vegas. He was arrested in January at a casino in Mississippi.
I have so much I don't know what to do with it or how to get rid of it.
At least he won't have to go very far after the next few days.
Yeah, the looting will be kept in-state, great.
Elkinson is unlikely to have enough money to pay the civil penalties assessed by Tauro. He has been represented by public defenders and recently was denied permission to await his criminal trial at the Soldiers’ Home in Chelsea.
Unreal!
When's the bar open around here?
