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

The wife of a Madison County businessman sentenced to almost twenty years in jail within the state’s asian wife 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 ended up being sentenced to very nearly two decades in jail for the $100 million Ponzi scheme, the greatest into 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 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 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 additionally 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 can now continue along with it.

Monday Vicki Lynn Adams couldn’t be reached for comment.

But, Mrs. Adams stated she had no knowledge her husband’s company ended up being a Ponzi scheme through to 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 states:

• The receiver shall retain all home of every kind or description obtained by Mr. and Mrs. Adams through the date of these wedding 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, with all the first $200,000 of net profits allocated 50 per cent to your receiver and 50 % to Mrs. Adams, the second $20,000 of net proceeds allocated 100% to your receiver, and any proceeds that are net more than $220,000 allocated 90 % to your 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 be offered, utilizing the first $145,000 of net profits allocated 90 per cent into the receiver and ten percent to Mrs. Adams, and any web profits more than $145,000 allocated 50 % towards the Receiver and 50 per cent to Mrs. Adams.
• The 2018 Lexus LX 570 en en titled within the true title of Mrs. Adams will probably be offered, with 65 % regarding the profits assigned to the receiver and 35 % associated with product sales assigned to Mrs. Adams.
• The Hartford lifestyle 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 into the receiver any ownership or any other interest she could have in just about any other checking, cost savings, cash market, or any other banking or brokerage records now or previously maintained within the names of Mr. Adams, Madison Timber or perhaps the some other entity when the receiver has a pastime.

Alysson Mills, the receiver that is federal by Reeves, has filed a lawsuit and taken other actions to to try and recoup a few of the investors’ cash.

Ole skip came back a lot of the $402,100 provided by Adams towards the Ole skip Athletic Foundation into the previous decade, Mills stated. Ole skip came back all 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 attorneys as well as others alleging they invested months assisting Lamar Adams and Madison Timber, during that they overlooked or did not examine the fraudulent business techniques of this business that she said must have been obvious towards the high-powered attorneys.

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