27.09.2019 admin

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 two decades in prison when you look at the state’s largest Ponzi scheme is divorcing her asian women dating sites husband and contains decided to offer property owned by the few to aid repay her spouse’s investors.

Arthur „Lamar“ Adams ended up being sentenced to nearly twenty years in jail for a $100 million Ponzi scheme, the biggest when you look at the state’s history. (Picture: Jeff Amy, AP)

Vickie Lynn Adams happens to be married to Arthur „Lamar“ Adams since August 3, 1978, and it is the one-half owner of home 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 company 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 money reached by Mrs. Adams and also the receivership appointed by the court to try and recoup 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.

Vicki Lynn Adams could not be reached for remark Monday.

But, Mrs. Adams stated she had no knowledge her spouse’s company had been a Ponzi scheme before the FBI came across along with her spouse this past 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 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 home in northeast Jackson shall be offered, with all the first $200,000 of net profits allocated 50 per cent towards the receiver and 50 % to Mrs. Adams, the second $20,000 of net proceeds allocated 100% towards the receiver, and any proceeds that are net more than $220,000 allocated 90 % to your receiver and ten percent to Mrs. Adams.

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

  • The Adams‘ condo in Oxford, will be offered, aided by the first $145,000 of net profits allocated 90 % towards the receiver and ten percent to Mrs. Adams, and any web profits more than $145,000 allocated 50 % towards the Receiver and 50 % to Mrs. Adams.
  • The 2018 Lexus LX 570 en en titled into the true title of Mrs. Adams will be offered, with 65 per cent regarding the profits allotted to the receiver and 35 per cent associated with the product product sales assigned 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 reports at Community Bank, but will launch towards the receiver any ownership or any other interest she could have in virtually any other checking, cost savings, cash market, or other banking or brokerage reports now or previously maintained when you look at the true names of Mr. Adams, Madison Timber or the just about any entity when the receiver has a pursuit.

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 Miss came back all of the $402,100 written by Adams to your Miss that is ole Athletic into the past decade, Mills stated. Ole skip came back most of the cash except $52,264, which Mills stated inside 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 as well as others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or didn’t examine the business that is fraudulent of this business that she said must have been obvious into the high-powered lawyers.