The spouse of a Madison County businessman sentenced to almost two decades in jail when you look at the state’s biggest Ponzi scheme is divorcing her spouse and it has consented to offer home owned by the few to simply help repay her spouse’s investors.
Arthur “Lamar” Adams ended up being sentenced to nearly twenty years in jail for the $100 million Ponzi scheme, the biggest when you look at the state’s history. (Picture: https://hotrussianwomen.net/asian-brides Jeff Amy, AP)
Vickie Lynn Adams was hitched to Arthur “Lamar” Adams since August 3, 1978, and it is the one-half owner of property owned by the few.
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, within the $100 million scam.
The other day, Reeves authorized a settlement reached by Mrs. Adams therefore the receivership appointed because of the court to try and recover a few of the money lost by investors. He additionally lifted a stay of action on Mrs. Adams’ divorce or separation, meaning she can now proceed along with it.
Vicki Lynn Adams could not be reached for remark Monday.
Nonetheless, Mrs. Adams stated she had no knowledge her spouse’s company had been a Ponzi scheme before the FBI came across together with her spouse this past year prior to him being formally charged.
The us government settlement contract with Mrs Adams states:
- The receiver shall retain all home of any 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 house in northeast Jackson shall be offered, using the first $200,000 of net profits allocated 50 % towards the receiver and 50 percent to Mrs. Adams, the following $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 income tax documents have actually the property appraised value at $304,310.
- The Adams’ condo in Oxford, will probably be offered, because of the first $145,000 of net proceeds allocated 90 % towards the receiver and ten percent to Mrs. Adams, and any web profits more than $145,000 allocated 50 per cent to your Receiver and 50 % to Mrs. Adams.
- The 2018 Lexus LX 570 en en titled within the title of Mrs. Adams will probably be offered, with 65 per cent associated with profits assigned to the receiver and 35 per cent for the product sales allotted 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 records at Community Bank, but will launch towards the receiver any ownership or any other interest she could have in almost any other checking, cost savings, cash market, or any other banking or brokerage accounts now or previously maintained when you look at the names of Mr. Adams, Madison Timber or the just about any entity where the receiver has a pursuit.
Ole skip came back all the $402,100 distributed by Adams into the Ole Miss Athletic Foundation within the previous decade, Mills stated. Ole skip came back every one of the money except $52,264, which Mills stated inside her report that Adams had gotten in “tangible advantages,” including events seats he used.
Mills has filed case against Butler Snow and Baker Donelson law offices among others alleging they invested months assisting Lamar Adams and Madison Timber, during which they overlooked or neglected to examine the business that is fraudulent regarding the business that she said needs to have been apparent into the high-powered attorneys.