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 nearly two decades in jail within the state’s biggest Ponzi scheme is divorcing her spouse and has now decided to offer home owned by the few to assist repay her spouse’s investors.

Arthur „Lamar“ Adams ended up being sentenced to nearly two decades 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 U.S. District Judge Carlton Reeves sentenced Lamar Adams to 19? years in prison october.

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, when you look at 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 number 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 spouse’s company had been a Ponzi scheme through to the FBI came across together with her spouse just last year prior to him being formally charged.

The us government settlement contract with Mrs Adams states:

  • 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 agreement is performed, save assets individually obtained by Mr. Adams or Mrs. Adams off their sources.
  • The Adams house in northeast Jackson shall be offered, using the first $200,000 of net profits allocated 50 per cent towards the receiver and 50 per cent 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 % into the receiver and 10 % to Mrs. Adams.

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

  • The Adams‘ condo in Oxford, will be sold, with all the first $145,000 of net proceeds allocated 90 percent towards the receiver and 10 % to Mrs. Adams, and any ukrainianwife web profits more than $145,000 allocated 50 per cent towards the Receiver and 50 percent to Mrs. Adams.
  • The 2018 Lexus LX 570 en titled within the title of Mrs. Adams will probably be offered, with 65 per cent associated with the proceeds assigned to the receiver and 35 per cent associated with the product product product sales allotted to Mrs. Adams.
  • The Hartford lifetime and Annuity insurance provider Policy, No. IU3153772 will probably 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 just about any other checking, cost cost savings, cash market, or any other banking or brokerage records now or previously maintained into the true names of Mr. Adams, Madison Timber or even the every other entity where the receiver has a pastime.

Alysson Mills, the receiver that is federal by Reeves, has filed case and taken other actions to to try and recover a number of the investors‘ cash.

Ole skip came back the majority of the $402,100 distributed by Adams into the Ole skip Athletic Foundation in past times 10 years, Mills stated. Ole Miss came back all the cash except $52,264, which Mills stated inside her report that Adams had received in “tangible advantages,” including events seats he used.

Mills has filed case against Butler Snow and Baker Donelson law offices among others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or neglected to examine the business that is fraudulent of this business that she said needs to have been apparent towards the high-powered law offices.

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