The spouse of a Madison County businessman sentenced to almost two decades in jail into the state’s biggest Ponzi scheme is divorcing her husband and contains decided 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 prison for the $100 million Ponzi scheme, the greatest when you look at 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 ended up being a Ponzi scheme. Adams duped as much as 300 investors, including U.S. Sen. Roger Wicker, within the $100 million scam.
The other day, Reeves authorized a settlement reached by Mrs. Adams therefore the receivership appointed by the court to try and recover a few of the cash lost by investors. He additionally lifted a stay of action on Mrs. Adams’ divorce or separation, meaning she can now continue along with it.
Vicki Lynn Adams could not be reached for remark Monday.
But, Mrs. Adams stated she had no knowledge her spouse’s company had been a Ponzi scheme before the FBI came across together with her spouse year that is last to him being formally charged.
The us 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 these wedding through the date the contract is performed, save assets individually obtained by Mr. Adams or Mrs. Adams off their sources.
- The Adams family home in northeast Jackson shall be offered, aided by the first $200,000 of net profits allocated 50 % to your receiver and 50 per cent to Mrs. Adams, the second $20,000 of net proceeds allocated 100% to your receiver, and any web proceeds in more than $220,000 allocated 90 per cent to your receiver and 10 % to Mrs. Adams.
Hinds County income tax documents have actually the property appraised value at $304,310.
- The Adams’ condo in Oxford, will be offered, aided by the first $145,000 of net profits allocated 90 % to your receiver and ten percent to Mrs. Adams, and any web profits more than $145,000 allocated 50 % towards the Receiver and 50 per cent to Mrs. Adams.
- The 2018 Lexus LX 570 en titled into the true title of Mrs. Adams will be offered, with 65 % for the profits allotted to the receiver and 35 % associated with the product product sales assigned to Mrs. Adams.
- The Hartford lifetime and Annuity Insurance Company Policy, No. IU3153772 will be liqu ,3,3, 2,6’>
Mrs. Adams will retain ownership of checking records at Community Bank, but will launch towards the receiver any ownership or any other interest she could have in just about any other checking, cost cost cost savings, cash market asian brides, or other banking or brokerage reports now or formerly maintained when you look at the true names of Mr. Adams, Madison Timber or even the some other entity when the receiver has a pursuit.
Ole skip came back a lot of the $402,100 provided by Adams to your Ole skip Athletic Foundation in past times decade, Mills stated. Ole skip came back all the cash except $52,264, which Mills said inside her report that Adams had gotten in “tangible advantages,” including events seats which he used.
Mills has filed case against Butler Snow and Baker Donelson attorneys yet others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or didn’t examine the fraudulent company practices of this business that she said need to have been apparent towards the high-powered lawyers.