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 wife of a Madison County businessman sentenced to nearly twenty years in prison when you look at the state's biggest Ponzi scheme is divorcing her spouse and has now decided to offer home owned by the few to assist repay her spouse's investors.

Arthur "Lamar" Adams had been sentenced to nearly twenty years in prison for the $100 million Ponzi scheme, the greatest into the state's history. (Picture: Jeff Amy, AP)

Vickie Lynn Adams is hitched to Arthur "Lamar" Adams since August 3, 1978, and is the one-half owner of home owned by the few.

In October, U.S. District Judge Carlton Reeves sentenced Lamar Adams to 19? years in jail.

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, into the $100 million scam.

The other day, Reeves authorized money reached by Mrs. Adams while the receivership appointed because of the court to attempt to recoup a few of the cash lost by investors. He additionally lifted a stay of action on Mrs. Adams' divorce, meaning she will now continue along with it.

Vicki Lynn Adams could not be reached for comment Monday.

But, Mrs. Adams stated she had no knowledge her husband's company ended up being a Ponzi scheme through to the FBI came across together with her spouse this past year prior to him being formally charged.

The federal government settlement agreement with Mrs Adams claims:

  • 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 executed, 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 proceeds allocated 50 percent towards the receiver and 50 per cent to Mrs. Adams, the following $20,000 of net proceeds allocated 100% to your receiver, and any web profits in more than chinalovecupid $220,000 allocated 90 per cent into the receiver and ten percent to Mrs. Adams.

Hinds County income tax documents have 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 ten percent to Mrs. Adams, and any web profits more than $145,000 allocated 50 per cent to your Receiver and 50 percent to Mrs. Adams.
  • The 2018 Lexus LX 570 en en en titled when you look at the title of Mrs. Adams will probably be offered, with 65 per cent associated with profits assigned to the receiver and 35 % for the 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 launch to your receiver any ownership or other interest she might have in every other checking, cost savings, cash market, or any other banking or brokerage reports now or previously maintained within the names of Mr. Adams, Madison Timber or even the any kind of entity when the receiver has a pursuit.

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' cash.

Ole skip came back all the $402,100 written by Adams towards the Ole Miss Athletic Foundation into the previous decade, Mills said. 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 yet others alleging they spent months assisting Lamar Adams and Madison Timber, during that they overlooked or didn't examine the fraudulent company techniques associated with the business that she said should have been apparent to your high-powered lawyers.

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