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

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 largest Ponzi scheme is divorcing her spouse and has now consented to offer home owned by the few to assist repay her spouse’s investors.

Arthur „Lamar“ Adams had been sentenced to nearly two decades in jail for a $100 million Ponzi scheme, the biggest into the state’s history. (Photo: Jeff Amy, AP)

Vickie Lynn Adams is 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.

The other day, Reeves authorized a settlement reached by Mrs. Adams plus the receivership appointed by the court to attempt 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.

Nevertheless, Mrs. Adams stated she had no knowledge her husband’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 federal government settlement contract with Mrs Adams says:

  • 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, aided by the first $200,000 of net proceeds allocated 50 per cent to your receiver and 50 per cent to Mrs. Adams, the second $20,000 of net proceeds allocated 100% into the receiver, and any proceeds that are net more than $220,000 allocated 90 per cent into the receiver and ten percent to Mrs. Adams.

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

  • The Adams‘ condo in Oxford, will be offered, with all the $ that is first of net profits allocated 90 % to your receiver and 10 % to Mrs. Adams, and any web proceeds more than $145,000 allocated 50 per cent to your Receiver and 50 per cent to Mrs. Adams.
  • The 2018 Lexus LX 570 en en titled when you look at the true title of Mrs. Adams will probably be offered, with 65 per cent regarding the profits assigned to the receiver and 35 % associated with product product product 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 reports at Community Bank, but amor en linea sign in will launch to your receiver any ownership or any other interest she could have in virtually any other checking, cost cost savings, money market, or any other banking or brokerage reports now or previously maintained into the names of Mr. Adams, Madison Timber or the every other entity where the receiver has a pursuit.

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 all the $402,100 distributed by Adams to your Ole skip Athletic Foundation into the previous decade, Mills stated. Ole skip came back most of the money 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 attorneys among others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or did not examine the fraudulent company techniques regarding the business that she said need to have been apparent towards the high-powered law offices.