The spouse of the Madison County businessman sentenced to almost twenty years in jail into the state’s largest Ponzi scheme is divorcing her spouse and contains decided to offer home owned by the few to greatly help repay her spouse’s investors.
Arthur “Lamar” Adams ended up being sentenced to nearly two decades in jail for a $100 million Ponzi scheme, the biggest within 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 by the couple.
In U.S. District Judge Carlton Reeves sentenced Lamar Adams to 19? years in prison october.
Adams admitted in court that their business had been 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 while the receivership appointed dating asian women by the court to try to recover a few of the money 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.
Nevertheless, Mrs. Adams stated she had no knowledge her spouse’s company had been a Ponzi scheme through to the FBI came across along with her spouse just last year prior to him being formally charged.
The federal government settlement contract with Mrs Adams states:
- The receiver shall retain all home of any description or type obtained by Mr. and Mrs. Adams through the date of these wedding through the date the contract is performed, save assets individually acquired by Mr. Adams or Mrs. Adams off their sources.
- The Adams home in northeast Jackson shall be offered, aided by the first $200,000 of net profits allocated 50 percent towards the receiver and 50 % to Mrs. Adams, the second $20,000 of net proceeds allocated 100% to your receiver, and any web profits in more than $220,000 allocated 90 per cent towards the receiver and 10 % 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 percent towards the receiver and 10 % to Mrs. Adams, and any web profits more than $145,000 allocated 50 % to your Receiver and 50 % to Mrs. Adams.
- The 2018 Lexus LX 570 en en titled within the true title of Mrs. Adams will probably be offered, with 65 per cent associated with profits assigned to the receiver and 35 per cent associated with 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 reports at Community Bank, but will launch to your receiver any ownership or other interest she could have in every other checking, cost savings, cash market, or any other banking or brokerage reports now or previously maintained in the names of Mr. Adams, Madison Timber or even the every other entity when the receiver has a pursuit.
Ole skip came back the majority of the $402,100 written by Adams to your Miss that is ole Athletic within the previous 10 years, Mills stated. Ole skip came back every one of the cash except $52,264, which Mills said in her report that Adams had gotten in “tangible advantages,” 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 neglected to examine the fraudulent company methods associated with business that she said need to have been apparent to your high-powered law offices.