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 it has decided to offer home owned by the few to simply help repay her spouse’s investors.
Arthur “Lamar” Adams ended up being sentenced to nearly two decades in jail 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 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, within the $100 million scam.
A week ago, 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 ended up being a Ponzi scheme before the FBI came across along with her spouse this past year prior to him being formally charged.
The federal government settlement contract with Mrs Adams claims:
- The receiver shall retain all property of every description or type acquired by Mr. and Mrs. Adams through the date of the wedding through the date the contract is performed, save assets separately 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 % towards the receiver and 50 per cent to Mrs. Adams, the following $20,000 of net proceeds allocated 100% into the receiver, and realmailorderbrides.com/latin-brides any proceeds that are net more than $220,000 allocated 90 % towards the receiver and ten percent to Mrs. Adams.
Hinds County taxation documents have actually the property appraised value at $304,310.
- The Adams’ condo in Oxford, will probably be offered, aided by the $ that is first of net profits allocated 90 per cent towards the receiver and 10 % to Mrs. Adams, and any web profits more than $145,000 allocated 50 per cent towards the Receiver and 50 % to Mrs. Adams.
- The 2018 Lexus LX 570 en en titled when you look at the title of Mrs. Adams will be offered, with 65 per cent for the profits allotted 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 be liqu ,3,3, 2,6’>
Mrs. Adams will retain ownership of checking reports at Community Bank, but will launch towards the receiver any ownership or any other interest she might have in almost any other checking, cost cost savings, cash market, or any other banking or brokerage reports now or previously maintained into the true names of Mr. Adams, Madison Timber or perhaps the virtually any entity when the receiver has a pursuit.
Ole skip came back the majority of the $402,100 written by Adams to your Ole skip Athletic Foundation in the previous decade, Mills stated. Ole skip came back most of the cash except $52,264, which Mills stated in her own report that Adams had gotten in “tangible benefits,” 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 neglected to examine the business that is fraudulent for the business that she said must have been apparent towards the high-powered law offices.