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

The spouse of the Madison County businessman sentenced to almost two decades in jail within the state’s biggest Ponzi scheme is divorcing her spouse and it has consented to offer home owned by the few to assist repay her spouse’s investors.

Arthur “Lamar” Adams had been sentenced to very 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 one-half owner of home owned because of 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, within the $100 million scam.

A week ago, Reeves authorized money reached by Mrs. Adams therefore the receivership appointed because of the court to try to 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.

But, Mrs. Adams said she had no knowledge her spouse’s company had been a Ponzi scheme before the FBI came across along with her spouse year that is last to him being formally charged.

The federal government settlement contract with Mrs Adams states:

  • The receiver shall retain all home of any kind or description acquired by Mr. and Mrs. Adams through the date of the wedding through the date the contract 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 % to your receiver and 50 per cent to Mrs. Adams, the following $20,000 of net proceeds allocated 100% into the receiver, and any proceeds that are net more than cambodian dating site $220,000 allocated 90 per cent into the receiver and 10 % 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 offered, using the first $145,000 of net profits allocated 90 % into the receiver and 10 % to Mrs. Adams, and any web profits more than $145,000 allocated 50 per cent into the Receiver and 50 % to Mrs. Adams.
  • The 2018 Lexus LX 570 en titled when you look at the true title of Mrs. Adams will probably be offered, with 65 per cent for the profits allotted to the receiver and 35 per cent for the 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 release towards the receiver any ownership or other interest she could have in every other checking, cost cost cost savings, money market, or any other banking or brokerage reports now or formerly maintained within the true names of Mr. Adams, Madison Timber or perhaps the virtually any 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 to recover a few of the investors’ money.

Ole Miss came back the majority of the $402,100 written by Adams into the Miss that is ole Athletic within 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 spent months assisting Lamar Adams and Madison Timber, during that they overlooked or neglected to examine the fraudulent company methods regarding the business that she said needs to have been apparent into the high-powered law offices.

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