The spouse of a Madison County businessman sentenced to almost two decades in jail within the state’s biggest Ponzi scheme is divorcing her spouse and it has consented to offer home owned by the few to aid repay her spouse’s investors.
Arthur “Lamar” Adams had been sentenced to nearly twenty years in jail for a $100 million Ponzi scheme, the greatest within the state’s history. (Picture: Jeff Amy, AP)
Vickie Lynn Adams happens to be married to Arthur “Lamar” Adams since August 3, 1978, and it is the one-half owner of home owned by the few.
In U.S. District Judge Carlton Reeves sentenced Lamar Adams to 19? years in prison october.
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 together with receivership appointed by the court to attempt 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 had been a Ponzi scheme through to the FBI came across along with her husband year that is last to him being formally charged.
The federal government settlement danish dating sites review contract with Mrs Adams states:
- The receiver shall retain all home of every description or type obtained by Mr. and Mrs. Adams through the date of the wedding through the date the contract is performed, save assets individually acquired by Mr. Adams or Mrs. Adams off their sources.
- The Adams house in northeast Jackson shall be offered, with all the first $200,000 of net profits allocated 50 per cent into the receiver and 50 % to Mrs. Adams, the second $20,000 of net proceeds allocated 100% to your receiver, and any proceeds that are net more than $220,000 allocated 90 % into the receiver and ten percent to Mrs. Adams.
Hinds County income tax records have actually the property appraised value at $304,310.
- The Adams’ condo in Oxford, will probably be offered, utilizing the $ that is first of net profits allocated 90 % to your receiver and 10 % to Mrs. Adams, and any web profits more than $145,000 allocated 50 % to your Receiver and 50 per cent to Mrs. Adams.
- The 2018 Lexus LX 570 en titled into the title of Mrs. Adams will be offered, with 65 % for the profits assigned to the receiver and 35 per cent regarding the product product sales assigned to Mrs. Adams.
- The Hartford lifestyle and Annuity insurance provider Policy, No. IU3153772 will probably be liqu ,3,3, 2,6’>
Mrs. Adams will retain ownership of checking reports at Community Bank, but will launch to your receiver any ownership or other interest she could have in just about any other checking, cost cost savings, cash market, or any other banking or brokerage records now or previously maintained when you look at the true names of Mr. Adams, Madison Timber or the any kind of entity when the receiver has a pastime.
Alysson Mills, the receiver that is federal by Reeves, has filed case and taken other actions to to attempt to recoup a few of the investors’ cash.
Ole skip came back the majority of the $402,100 distributed by Adams into the Ole skip Athletic Foundation in past times decade, Mills said. Ole skip came back every one of the money except $52,264, which Mills stated in her own report that Adams had gotten in “tangible advantages,†including events seats he used.
Mills has filed case against Butler Snow and Baker Donelson attorneys as well as others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or neglected to examine the business that is fraudulent regarding the business that she said needs to have been apparent into the high-powered law offices.
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