The wife of a Madison County businessman sentenced to almost two decades in jail within the state’s biggest Ponzi scheme is divorcing her spouse and contains decided to offer home owned by the few to greatly help repay her spouse’s investors.
Arthur “Lamar” Adams ended up being sentenced to nearly two decades in jail for a $100 million Ponzi scheme, the greatest into the state’s history. (Picture: Jeff Amy, AP)
Vickie Lynn Adams happens to be hitched to Arthur “Lamar” Adams since August 3, 1978, and it is the owner that is one-half of owned because of the few.
In October, U.S. District Judge Carlton Reeves sentenced Lamar Adams to 19? years in jail.
Adams admitted in court that their company had been a Ponzi scheme. Adams duped as much as 300 investors, including U.S. Sen. Roger Wicker, when you look at the $100 million scam.
The other day, Reeves authorized a settlement reached by Mrs. Adams and also the receivership appointed by the court to try to recover a few of the cash lost by investors. He additionally lifted a stay of action on Mrs. Adams’ divorce or separation, meaning she will now continue along with it.
Monday Vicki Lynn Adams couldn’t be reached for comment.
Nonetheless, Mrs. Adams stated she had no knowledge her spouse’s company ended up being a Ponzi scheme through to the FBI came across along with her spouse year that is last to him being formally charged.
The federal government settlement contract with Mrs Adams states:
- The receiver shall retain all home of any kind or description obtained by Mr. and Mrs. Adams through the date of the wedding through the date the contract is performed, save assets individually obtained by Mr. Adams or Mrs. Adams off their sources.
- The Adams home in northeast Jackson shall be offered, using the first $200,000 of net profits allocated 50 % towards the receiver and 50 per cent to Mrs. Adams, the following $20,000 of net proceeds allocated 100% towards the receiver, and any proceeds that are net more than $220,000 allocated 90 per cent towards the receiver and 10 % to Mrs. Adams.
Hinds County taxation records have actually the property appraised value at $304,310.
- The Adams’ condo in Oxford, will probably be offered, because of the first $145,000 of net profits allocated 90 per cent towards the receiver and 10 % to Mrs. Adams, and any net proceeds more than $145,000 allocated 50 per cent to your Receiver and 50 per cent to Mrs. Adams.
- The 2018 Lexus LX 570 en en titled within the true title of Mrs. Adams will probably be offered, with 65 % associated with the profits assigned to the receiver and 35 per cent associated with product sales assigned to Mrs. Adams.
- The Hartford lifetime and Annuity insurance provider Policy, No. IU3153772 will probably be liqu ,3,3, 2,6′>
Mrs. Adams will retain ownership of checking records at Community Bank, but will release to your receiver any ownership or other interest she might have in almost any other checking, cost cost savings, money market, or other banking or brokerage reports now or previously maintained within the names of Mr. Adams, Madison Timber or the every other entity when the receiver has a pursuit.
Alysson Mills, the receiver that is federal by Reeves, has filed case and taken other actions to to attempt to recover a few of the investors’ money.
Ole skip came back the majority of the $402,100 written by Adams towards the Miss that is ole Athletic within the previous decade, Mills stated. Ole Miss came back every one find-your-bride.com review of the cash except $52,264, which Mills stated in her own report that Adams had gotten in “tangible advantages,” including events seats which he used.
Mills has filed case against Butler Snow and Baker Donelson law offices among others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or did not examine the business that is fraudulent of this business that she said must have been apparent to your high-powered law offices.