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

The wife of a Madison County businessman sentenced to almost two decades in jail into the state’s biggest Ponzi scheme is divorcing her spouse and contains decided to sell home owned by the few to aid repay her spouse’s investors.

Arthur “Lamar” Adams had been 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 was 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 business was 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 money reached by Mrs. Adams and also the receivership appointed because of 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 can now continue along with it.

Vicki Lynn Adams could not be reached for remark Monday.

Nevertheless, Mrs. Adams stated she had no knowledge her husband’s company had been a Ponzi scheme through to 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 claims:

  • The receiver shall retain all home of any description or type obtained by Mr. and Mrs. Adams through the date of the 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 offered, using the first $200,000 of net profits allocated 50 per cent into the 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 percent towards the receiver and ten percent to Mrs. Adams.

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

  • The Adams’ condo in Oxford, will probably be sold, with all the $ that is first of net profits allocated 90 % into the receiver and 10 % to Mrs. Adams, and any net profits more than $145,000 allocated 50 per cent towards the Receiver and 50 % to Mrs. Adams.
  • The 2018 Lexus LX 570 en titled within the true title of Mrs. Adams will be sold, with 65 per cent regarding the profits assigned to the receiver and 35 % regarding the sales allotted to Mrs. Adams.
  • The Hartford lifetime and Annuity insurance provider 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 other interest she might have in every other checking, cost cost savings, cash market, or other banking or brokerage records now or previously maintained into the names of Mr. Adams, Madison Timber or perhaps the any entity in which the receiver has a pursuit.

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

Ole skip came back the majority of asian beauties dating the $402,100 provided by Adams towards the Ole skip Athletic Foundation into the previous decade, Mills stated. Ole skip returned all 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 law offices yet others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or did not examine the business that is fraudulent of this company that she said must have been apparent into the high-powered law offices.

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