Elkinson back in Massachusetts

Of attempts by prosecutors to block communications with his wife, Richard Elkinson's public defender said:

....the two had had a happy marriage until now.

Kinda takes your breath away when you realize he spent $29 million cheating people.

The Mississippi casino remains unnamed. Curious!

Follow the leader

The pathetic saga of the Something for Nothing scheme of Richard Elkinson, common con man and gambling addict continues to unravel, along with the names of those who directed investors to him.

If Jay Fialkow and Jeffrey P. Ross failed to conduct even basic due diligence in this case and failed to notice that they never received earnings statements, is it any wonder Fialkow supported the Fools' Gold of Mashpee Wampanoag Casino Capitalism?

... Jay L. Fialkow was a prominent and politically connected Boston lawyer. He was an assistant attorney general, worked on privatization issues for Governor William Weld and efforts by the Wampanoag tribe to build a casino.



Ross and Fialkow ... said they and their Newton advisory firm, Ross Fialkow Capital Partners, merely introduced people to Elkinson - and only 17 of them at that. Investors were responsible for their own due diligence....

Oh? Kinda like a dating service?

Ross and Fialkow earned $319,000 in commissions from Elkinson...



The first agent to raise money for Elkinson was Richard N. Silverman. He met Elkinson some 20 years ago....

At his house in Framingham, Elkinson showed him an embroidering machine in his garage, Silverman said.

Putting a machine in the garage of a home you don't even own ensures credibility and investments?

“It was the first loan I ever made in my life,’’ Silverman said.
Silverman, now 86, said he introduced 25 to 30 investors to Elkinson. He quit in 2005...

without putting anyone of those 25 to 30 friends or authorities on notice?

Elkinson was arrested at a[n unnamed] Mississippi casino early this month

Failure to conduct the proper due diligence, allows well respected leaders and otherwise smart people to support Ponzi Schemes such as this. Let's not fall for it.

It's time to insist that the Commonwealth conduct an independent cost benefit analysis before enacting any legislation to expand gambling.

I was just wondering ....

..if anyone else noticed?

Richard Elkinson, the latest gambling addict who lived the high life by cheating others out of their hard-earned money, was arrested at an unnamed

.

casino in Biloxi last week by FBI agents

.

It doesn't change Elkinson's crime, but doesn't it make anyone wonder why MSM isn't reporting the casino name?

.

Who are we protecting? Predatory Gambling investors?

Richard Elkinson: Just another common addict

Richard Elkinson is just another common gambling addict, living high on $29 million of other people's money. Ahhh...Casino Capitalism at its best!


Federal officials declined to say how they found Elkinson in Mississippi, but an affidavit in the case said the FBI had first tracked him to the Wynn Las Vegas hotel on Dec. 22.

According to the FBI, Elkinson checked out of the Wynn Las Vegas hotel Dec. 22 and canceled a reservation at the Venetian, another Las Vegas hotel, on Dec. 23.



The affidavit, filed by FBI special agent Leo Fila, said Elkinson had conducted $3.7 million worth of individual transactions over $10,000 with casinos since 1998, such as exchanging money for chips. Elkinson allegedly told a business acquaintance he had $25,000 lines of credit at three Vegas casinos, according to the affidavit.

Elkinson conducted millions of dollars’ worth of large currency transactions at casinos over the past 12 years, according to prosecutors. They said he was arrested Tuesday at a casino in Biloxi, Miss., with a large amount of cash in his possession.

But Elkinson claimed to be indigent when he appeared before a judge in Mississippi and was given a public defender, who could not be reached for comment yesterday. Elkinson is sitting in a county jail awaiting another court appearance Monday.