A Framingham man has pleaded guilty to federal charges that he ran a Ponzi scheme that defrauded about 100 investors of about $15 million.

Richard Elkinson pleaded guilty Wednesday in U.S. District Court in Boston to 18 counts of mail fraud.

Prosecutors said the 77-year-old Elkinson obtained money from investors by telling them he was using it to finance the manufacture of uniforms for purchase by government agencies. He then paid back the initial investors with money obtained from subsequent investors, using some of the money for personal purposes.

Elkinson had no uniform business and no contracts with the government.
Authorities said he handed out $30 million in promissory notes.

He faces up to 20 years in prison at sentencing July 21.

His attorney did not return a message. (AP)