Scams in the News
State Government Uniform Scam? That's New…
A Massachusetts man was sentenced last week to 8.5 years in prison for a 20-year Ponzi scheme and ordered to pay over $17 million in recitation to over 200 victims.
Richard Elkinson was sentenced to 102 months in prison to be followed by three years of supervised release and ordered to pay $17 million in restitution, along with an $1,800 special assessment. Elkinson pleaded guilty last April to 18 counts of mail fraud.
Elkinson had held himself out to investors as being a broker working on behalf of a Japanese clothing manufacturer selling uniforms to state government entities. Elkinson told investors that he needed their money to finance the manufacture of those uniforms. To induce people to invest, Elkinson offered them returns ranging from 9-15%, which was supposed to be paid from the proceeds of the uniform sales. The only documentation victims received were personal promissory notes from Elkinson. In fact, Elkinson was never engaged in any uniform sales business and investors' money was used to pay back earlier investors and for Elkinson's own living expenses.
Elkinson's scheme started to unravel in late 2008, mostly as a result of the publicity from the Bernard Madoff case, when some of Elkinson's investors started seeking more information and documents about the uniform business. Elkinson put them off temporarily, then fled the area in mid-December 2009, first to Las Vegas and then to Mississippi, where he was arrested at a casino – Source.
READ Marketers Banned Of So-Called "Hydro-Assist Fuel Cell" From Selling Fuel Economy Products
Bernard Madoff business Business/Finance Confidence tricksters crime economics nasdaq Richard Elkinson State Uniform
I'm So Embarrassed About My Financial Situation. – Frances
I'm Living on Social Security Disability SSD and Getting Sued for a Discover Card. – M
Debt Articles • Scams in the News
Zeekler and Zeek Rewards Reps Allegedly Sought by the...
Arkansas DEA Extortion Scam Alert!
Return-A-Pet Scam Preys On Victims Of Lost Pets
BBB Warns Of Phony Puppy Purchases
Super Bowl Scams On The Rise
Consumer Warning: Bureau Of Prescription Health...