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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 a Madison County businessman sentenced to almost twenty years in jail into the state’s biggest Ponzi scheme is divorcing her spouse and has now decided to offer property owned by the few to simply help repay her spouse’s investors.

Arthur “Lamar” Adams had been sentenced to very nearly two decades in jail for the $100 million Ponzi scheme, the biggest into the state’s history. what is afroromance (Picture: Jeff Amy, AP)

Vickie Lynn Adams was married 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, into the $100 million scam.

The other day, Reeves authorized a settlement reached by Mrs. Adams additionally the receivership appointed because of 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 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 husband’s company was a Ponzi scheme before the FBI came across along with her spouse last year prior to him being formally charged.

The us government settlement contract with Mrs Adams claims:

  • The receiver shall retain all home of every description or type obtained by Mr. and Mrs. Adams from the date of these marriage 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 sold, using 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% towards the receiver, and any web profits in more than $220,000 allocated 90 % towards the 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 $ that is first of net profits allocated 90 % to your receiver and ten percent to Mrs. Adams, and any web profits in excess of $145,000 allocated 50 % to your Receiver and 50 per cent to Mrs. Adams.
  • The 2018 Lexus LX 570 en en titled into the title of Mrs. Adams will probably be offered, with 65 per cent for the proceeds assigned to the receiver and 35 per cent for the product sales assigned to Mrs. Adams.
  • The Hartford Life 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 into the receiver any ownership or other interest she could have in almost any other checking, cost savings, cash market, or any other banking or brokerage reports now or previously maintained within the true names of Mr. Adams, Madison Timber or the any entity where 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 number of the investors’ cash.

Ole skip came back the majority of the $402,100 written by Adams towards the Ole Miss Athletic Foundation in past times decade, Mills stated. Ole skip came back most of the cash except $52,264, which Mills said inside her report that Adams had gotten in “tangible advantages,” including events seats he used.

Mills has filed a lawsuit against Butler Snow and Baker Donelson lawyers 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 for the business that she said must have been apparent into the high-powered law offices.

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