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

The spouse of the Madison County businessman sentenced to almost twenty years in jail within 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 very nearly two decades in jail for the $100 million Ponzi scheme, the biggest when you look at the state’s history. (Picture: Jeff Amy, AP)

Vickie Lynn Adams was married to Arthur “Lamar” Adams since August 3, 1978, and 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, when you look at the $100 million scam.

The other day, Reeves authorized a settlement reached by Mrs. Adams additionally the receivership appointed because of 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.

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 last year prior to him being formally charged.

The us government settlement contract with Mrs Adams states:

• The receiver shall retain all home of every description or type 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, because of the first $200,000 of net profits allocated 50 % 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 % towards the receiver and 10 % to Mrs. Adams.

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

• The Adams’ condo in Oxford, will probably be offered, with all the $ that is first of net profits allocated 90 % to your receiver and ten percent to Mrs. Adams, and any web profits more than $145,000 allocated 50 per cent to the Receiver and 50 per cent to Mrs. Adams.
• The 2018 Lexus LX 570 en titled when you look at the title of Mrs. Adams will be offered, with 65 per cent regarding the proceeds assigned to the receiver and 35 per cent associated with product product 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 to your receiver any ownership or any other interest she could have in just about any other checking, cost cost cost savings, cash market, or other banking or brokerage reports now or previously maintained within the true names of Mr. Adams, Madison Timber or the virtually any entity when the receiver has a pastime.