Wife of businessman sentenced in $100 million Ponzi scheme divorcing husband, reaches settlement

Wife of businessman sentenced in $100 million Ponzi scheme divorcing husband, reaches settlement

The spouse of the Madison County businessman sentenced to almost two decades in jail when you look at the state’s biggest Ponzi scheme is divorcing her spouse and contains decided to offer home owned by the few to assist repay her spouse’s investors.

Arthur «Lamar» Adams ended up being sentenced to very nearly twenty years in jail for a $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 one-half owner of home 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, within the $100 million scam.

The other day, Reeves authorized money reached by Mrs. Adams therefore the receivership appointed by the court to attempt to recover a number of the cash lost by investors. He additionally www.bridesfinder.net/ 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.

Nonetheless, Mrs. Adams stated she had no knowledge her spouse’s business had been a Ponzi scheme before the FBI came across together with her spouse year that is last to him being formally charged.

The federal government settlement agreement with Mrs Adams claims:

  • The receiver shall retain all home of every 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 from other sources.
  • The Adams home in northeast Jackson shall be offered, with all the first $200,000 of net profits allocated 50 per cent 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 profits in excess of $220,000 allocated 90 per cent towards the receiver and ten percent to Mrs. Adams.

Hinds County income tax documents have the property appraised value at $304,310.

  • The Adams’ condo in Oxford, will probably be offered, aided by the $ that is first of net proceeds allocated 90 per cent towards the receiver and ten percent to Mrs. Adams, and any web profits more than $145,000 allocated 50 per cent towards the Receiver and 50 per cent to Mrs. Adams.
  • The 2018 Lexus LX 570 en titled into the title of Mrs. Adams will probably be sold, with 65 per cent associated with the profits assigned to the receiver and 35 per cent associated with sales allotted to Mrs. Adams.
  • The Hartford lifestyle and Annuity insurance provider Policy, No. IU3153772 will be liqu ,3,3, 2,6’>

Mrs. Adams will retain ownership of checking reports at Community Bank, but will launch into the receiver any ownership or any other interest she might have in virtually any other checking, cost cost savings, cash market, or any other banking or brokerage records now or previously maintained within the names of Mr. Adams, Madison Timber or even the every other entity when the receiver has a pastime.

Alysson Mills, the federal receiver appointed by Reeves, has filed case and taken other actions to to attempt to recover a few of the investors’ cash.

Ole skip came back all of the $402,100 provided by Adams into the Ole skip Athletic Foundation within the previous decade, Mills stated. Ole skip came back most of the cash except $52,264, which Mills stated inside her report that Adams had gotten in “tangible advantages,” including events seats he used.

Mills has filed case against Butler Snow and Baker Donelson law offices as well as others alleging they spent months assisting Lamar Adams and Madison Timber, during that they overlooked or did not examine the fraudulent company techniques of this business that she said need to have been apparent towards the high-powered law offices.

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