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

The spouse of a Madison County businessman sentenced to nearly two decades in prison when you look at the state’s biggest Ponzi scheme is divorcing her husband and contains decided to offer home owned by the few to assist repay her spouse’s investors.

Arthur “Lamar” Adams ended up being sentenced to very nearly twenty years in jail for a $100 million Ponzi scheme, the greatest within the state’s history. (Picture: Jeff Amy, AP)

Vickie Lynn Adams happens to be hitched to Arthur “Lamar” Adams since August 3, 1978, and is the one-half owner of home owned because of the couple.

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

Adams admitted in court that his company had been a Ponzi scheme. Adams duped as much as 300 investors, including U.S. Sen. Roger Wicker, into the $100 million scam.

A week ago, Reeves authorized money reached by Mrs. Adams additionally 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, meaning she can now continue along with it.

Vicki Lynn Adams could not be reached for remark Monday.

But, Mrs. Adams stated she had no knowledge her spouse’s company had been a Ponzi scheme through to the FBI came across along with her spouse just last year prior to him being formally charged.

The federal government settlement contract with Mrs Adams claims:

  • The receiver shall retain all home of every type or description obtained by Mr. and Mrs. Adams through the date of the wedding through the date the contract is performed, save assets individually acquired by Mr. Adams or Mrs. Adams off their sources.
  • The Adams house in northeast Jackson shall be offered, utilizing 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% towards the receiver, and any net profits in more than $220,000 allocated 90 % towards the receiver and 10 % to Mrs. Adams.

Hinds County income tax records have the property appraised value at $304,310.

  • The Adams’ condo in Oxford, will probably be offered, using the first $145,000 of net proceeds allocated 90 per cent 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 per cent to Mrs. Adams.
  • The 2018 Lexus LX 570 en en en titled when you look at the true title of Mrs. Adams will be offered, with 65 per cent associated with the profits allotted to the receiver and 35 % regarding the sales assigned to Mrs. Adams.
  • The Hartford lifetime 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 other interest she could have in virtually any other checking, cost cost savings, cash market, or 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 pursuit.

Alysson Mills, the federal receiver appointed by Reeves, has filed case and taken other actions to to try to recoup a few of the investors’ cash. Continue reading