A judge has frozen the assets of a Massachusetts man facing federal charges alleging he ran a $28 million Ponzi scheme.
U.S. District Judge Joseph Tauro issued the asset freeze against Richard Elkinson of Framingham at the request of the Securities and Exchange Commission.
Federal prosecutors allege the 76-year-old Elkinson stole $28 million from about 130 victims since 1997 by selling unregistered securities in the form of promissory notes. He was arrested earlier this week.
Elkinson allegedly claimed he had contracts to sell uniforms. Federal authorities say he had no such contracts, repaid investors with money obtained from new investors, and used the money for personal purposes, including gambling.
A message could not immediately be left at Elkinson’s home number.





