This is a clinical trial for newly diagnosed multiple myeloma patients that are considered to be high-risk. This Phase I/II study will determine if a new monoclonal antibody (a way of using your own immune system to kill myeloma) called elotuzumab makes existing combination therapies more effective. One half of the group will receive combination therapies of lenalidomide, bortezomib and dexamethasone (used regularly in standard myeloma care). The other half of the group will receive the same combination therapies (lenalidomide, bortezomib and dexamethasone) along with elotuzumab. These combination therapies are commonly used in therapy today. Lenalidomide and bortezomib may stop the growth of myeloma by blocking blood flow to the tumor. Also, bortezomib may stop the growth of tumor cells by blocking some of the enzymes needed for cell growth. Monoclonal antibodies, such as elotuzumab, can block cancer growth in different ways. Some block the ability of cancer cells to grow and spread. Others find cancer cells and help kill them or carry cancer-killing substances to them. Adding elotuzumab with chemotherapy may be a better way to block cancer growth. This study is looking to include 122 patients. For more details, learn more.