76-year-old allegedly pulled the wool over investors' eyes in hat scam

A Framingham, Massachusetts man has been indicted on charges he ran a $29 million Ponzi scheme that cheated around 130 investors. An indictment returned Wednesday charges 76-year-old Richard Elkinson with mail fraud. Elkinson has been held in custody since he was arrested on Jan. 5 at a Mississippi casino. The indictment alleges that Elkinson obtained money from investors by telling them that he would use the funds to finance the manufacture of hats and uniforms for purchase by state governments. He allegedly said he would repay investors their principal and a fixed rate of interest from the profits earned on contracts. Prosecutors say Elkinson had no contracts with state governments. Instead, he allegedly used his client's money for his own personal purposes. His attorney, Stylianus Sinnis, did not return a phone message.