Menu JTA Search

Mass. Ponzi scheme fed on Jewish investors

SIGN UP FOR THE JTA DAILY BRIEFING

NEW YORK (JTA) — A Massachusetts investment manager was arrested for running a multimillion-dollar Ponzi scheme that preyed heavily on elderly Jewish country club members.

The FBI arrested Richard Elkinson, 76, in Mississippi, according to the Boston Globe, for running a $29 million affinity scheme, which uses personal relationships and social networks to get close to potential victims. 

Many of his investors were referred to Elkinson through RossFialkow Capital Partners. Many were elderly Jewish members of the Belmont Country Club in Massachusetts. 

 
NEXT STORY