A proposed swanky Oxford development may be caught up in the middle of the timber Ponzi scheme. The discovery that Lamar Adams - a man with no more than a high school education - bilked hundreds of investors out of more than $100 million with a Ponzi scheme that sold bogus timber investments rocked Mississippi last week.
An SEC complaint accuses Adams of funneling some of his ill-gotten gains into real estate developments in Oxford and Starkpatch. One such development is Oxford Springs. The Oxford Eagle reported on the construction of the proposed Xanadu a year ago:
It’s been in the works for decades and finally, a verifiable master plan has been unveiled for the Oxford Springs development near Abbeville.The Supervisors voted unanimously on May 1, 2017 to approve the land use map for the Oxford Springs development (See documents posted below.)
Architect Corey Alger went before the Lafayette County Planning Commission Monday evening to give a presentation with maps and inform county officials of what developers plan to create, as well as gain information on the process in developing the project.
The 2,600-acre development is a massive undertaking that took a year to create, according to Alger. It will include an 85-acre equestrian center, golf course, 44-acre town center, town homes, condos, apartments and 200 acres of lakes, as well as approximately 200 acres of undeveloped conservation easement.
“This is a big thing and we’re trying to eat it in small pieces,” Alger said. He expects the project to be completed in phases over a period of years and will have the capacity for 5,200 units once finished.
For more than two years, developers Lamar Adams and Patrick Sands have been processing the property and making site analysis.
In November 2015, Alger went before the planning commission to inform officials that developers Lamar Adams and Patrick Sands planned to create the development and put to rest rumors that were circulating in the community. Many were wondering if the development would be similar to the previously planned development that would have been so massive some believed it would be incorporated.... Rest of article.
The application for the site plan approval states that Oxford Springs, LLC of Madison is the applicant. The Secretary of State's website states that the company was created in 2014 but Lamar Adams dissolved the company in April 2015 - a full two years before the Supervisors approved the land use map. Adams was the sole owner of the company. Patrick Sands' name does not appear on any of the corporate documents of Oxford Springs, LLC. An Oxford Springs, LLC was created in Delaware in September 2014 and apparently still exists although it uses the same address, P.O. Box 3033 in Madison, as the Madison LLC.
However, the Delaware version of Oxford Springs, LLC purchased the land for the development with financing provided by the First National Bank of Clarksdale in May 2015. The bank made two loans to Oxford Springs (Dl):
$4,224,612 on May 11, 2015 (10-year note)
$983,964 on September 22, 2016 (10-year note)
Total: $5.208, 576
The bank issued three partial releases of the loans when three lots were sold.
Kingfish note: The bank's claim to the land versus the feds' claim to the land via clawbacks. This is going to be interesting. Sometimes banks will take their sweet time in recording releases of loans at the courthouse. The bank may have unrecorded releases that will lower its exposure on these loans.
Who is Patrick Sands? JJ can find no record of him in Mississippi but there is a Patrick Sands who is a member of the Hunt family in Dallas. Yes, those Hunts. No wonder some people complained the accused had a haughtier than thou attitude towards them. Texas royalty trumps Ole Miss royalty every time.
Earlier Posts
SEC: Ponzi scheme began in 2004.
Flashback Friday
Clearcutting the timber.
Wicker wobbed in Ponzi scheme.
Pinnacle Trust issues statement on Ponzi scheme
Lamar Adams waives indictment.
Feds: Lamar Adams took over $100 million in Ponzi scheme.
TIM-BERRR!!!
Table of Contents for Oxford Springs docs posted below
First Deed of Trust: 1
Second Deed of Trust: 14
Articles of Dissolution for Oxford Springs, LLC: 28
Warranty Deed for Oxford Springs: 29
Lafayette County vote and application: 36
48 comments:
Betcha the Dallas investor for this development was connected through the Dallas promoter....connect the dots
"a man with no more than a high school education " I am pretty sure Lamar studied at USC (University of Sunflower County), the crown jewel of the Delta, the one and only Mississippi Delta Community College. Not that there is anything wrong with that.
Kangfish(subtle nod to The Kang, Jackie Sherrill), All I see in the SEC complaint is "Additionally, Adams began constructing real estate developments near Oxford and Starkville, Mississippi". Any word on what development that is? I've only seen his name associated with Oxford and all things Ole Miss. Wonder how many in #thenetwork are affected?
If "Patrick Sands" is Caroline Hunt's son, anyone remotely involved in causing any unexpected problems seriously screwed up. Does the name "Rosewood" or similar appear in any of this? If so, uh-oh.
Take this for what it is worth, but it is unlikely to the point of absurd that the Hunt family was knowingly involved in some pissant scam (for them) in Jackson, MS. Caroline Hunt has $100 mil in her purse in case she needs to tip that nice girl who brought her some tea and if her protectors (she's 95) got upset, they could and likely would crush everyone remotely involved, including anyone at Butler or Baker, with a 5 minute phone call (I'm not suggesting or implying physical harm). Now, underlings doing things for their own purposes by name-dropping? Anything is possible. A very big mistake, but possible.
Another Delta bank affected: Guaranty Bank & Trust. Specifically the Grenada branch, since Madison Timber Fund founder Brad Branscome is based there.
Adams is an Ole Miss booster but did not go beyond high school, as admitted in his plea. His wife is a Mississippi State booster and the grandson they took to the All Star game was billed as a State fan in the CL article.
I imagine Vickie Lynn drove a big SUV with one of those "House Divided" plates on the front. Regardless, it looks like they played in both camps, but since Lamar's chosen shills included a number of attorneys, he likely gravitated more toward Oxford to play that crowd.
JJ has a significant number of commenters who see every damn thing through the lens of SEC football. I know there are people out there just ACHING to make this an Ole Miss or State thing, but it's not. It's a criminal thing perpetrated by a guy who only graduated high school, and who likely robbed people in both fan bases.
I'm with you 1:34. The only color Lamar cared about was green, not red/blue or maroon/white. I know nothing about Lamar, other than what I've read about over the last almost week, but he sounds like the kind of fella that would have stolen from his mother. I hate it for all the folks that he swindled, but they should have done a little more due diligence into the 'investment' that he and his cronies pitched. As for ole Lamar, I hope he gets everything he has coming to him and rots away the rest of his life behind bars.
Vickie Lynn Adams is just as guilty and I’m sure Lamar is singing his butt off to protect her and other family members involved. He found nnled a lot of money new to his family members.
what starkpatch property?
Just adds to the stench that rises every day out of the Oxford plantation.
what is the connection to FNB Clarksdale? Of all the banks around Jackson and Oxford...why would a small town ag bank be involved?
Just adds to the stench that rises every day out of the Oxford plantation.
...because I pull for the MSU sports teams and pop wood whenever anything bad has even the least bit of connection to the Black Bears. My entire life is driven by my disdain for TSUN and, by extension, anyone who pulls for them. I'm happy that people lost hundreds of thousands of dollars to a swindler if it'll let me bask in my petty hatred for a college football squad!
Only the greedy get conned and I'm laughing at the dumbasses who fell for this.
@3:06 The Bank of Oxford is merely a branch of FNBC.
3:06 asked "why would a small town ag bank be involved?"
Just a guess, but maybe because a large town business bank would have laughed their asses off. Sorta like what happened when anyone who knows a tree from a turnip was given the rare opportunity to get in on the timber deed nonsense. See all the post-Katrina condos-in-the-swamp projects down on the coast for more info.
I wonder who the construction bond underwriter was on this project? Those guys are like auditors and I suspect for a development of this size they were privy to getting all sorts of financial documentation and history to facilitate a bond of this size. Those guys scrutinize every financial aspect of all involved. Surely they might have noticed some red flags.
1:34 it WAS a BMW
Laughing to myself about how wrong everyone is on so many parts of this mess. Yet, you still choose to drag people thru the mud.
Wrong on a couple of the players, missing a couple of players and biggest webs to untangle..yet still judging based on comments of the ignorant.
He doesn't give a shit as long as this miserable blog can keep churning crap and elicit clicks.
So he got a loan with a great looking financial statement and got people to raise money for him. I bet this is the end of the story.
2:13 You are full of crap if you think his wife knew about this. And why do people start dragging family members names into this? Then calling them a crook? Have some class.
Geez . . . can we move on to a "hot reporter" poll or something.
The current President of First National Bank of Clarksdale is a graduate of The University of Mississippi and WAS* a MS lobbyist for ENTERGY MS. He was also the V.P. of the Mississippi Bankers Association, Served as a gov’t relations exec for the MS manufacturers association, and was the communications coordinator for the National Center for Policy Analysis in Dallas.
*is he still a lobbyist?*
One of his newest membership clubs includes a membership on the board of directors @ First National Bankers Bankshares, INC. based out of Baton Rouge, LA whose Mississippi Branch is located in Ridgeland, MS.
If this bank knows what it is doing, at least there is land held as collateral. I don't know what the law says about whatever money Adams made illegally to put down on the land. I guess what I am asking is, can this collateral be taken away from the bank for settlement with the defrauded investors in these timber scams? Some lawyer out there, please explain. At the very least, this is quite embarrassing for the First National Bank of Clarksdale.
to 8:07am,,, some lawyer here...... get back $$$$ that people have been scammed out of is never easy. most times next to impossible.
Banks have large problems
this blog proves that there are many people out there in JJ land who think every piece of dirty laundry that comes down the pike is some chicken manure SEC football conspiracy against either state or ole miss. remember folks , while you spend all your time and money traveling to games, renting condos in oxford, leering at girls in the grove, and festooning your 85,000$ pickup truck (you know, the one you owe 95,000$ on) with team stickers , the mortgage aint getting paid and your kid is not getting raised. you dont need a lamar adams to rip you off, you bring it on yourself. think about that when you head out with your bass pro shop credit card to buy a 600$ yeti cooler, which of course comes with a complementary sticker for you rear windshield so you can broadcast to the world just how stupid you are. no one makes money being a professional SEC fan. in mississippi , god must love those types cause he make so many of them.
Did he have a forester sign off on timber volumes? If so who was he or her?banks required us to do this
@ 6:00 you got the wrong guy. That is not the same R. Bennett. You people need to do some research before you post.
@ 6:00...As shocking as this may seem, there are 2 people named "R. Bennett" These are 2 different people. One is a banker. The other is a lobbyist. I don't know of any connection either would have to the Ponzi scheme. But before you go insinuating that there is something afoot, you should get your facts straight.
Just FYI for all of you that think you know so much.... Drake and Summer built their home. And if they got money from anyone I’d bet it was from Drake’s father in law. He is VERY WEALTHY. Worth around $300 million the last I heard.
Kingfish,
I saw an article on the Oxford Springs development from the Oxford Citizen from 2015 and it listed the other developer as "Patrick Sans" (sans the "d", pun intended)
In other articles and sources it lists him as Patrick Sands.
http://www.djournal.com/oxford/news/developers-eyeing--acre-site-near-abbeville/article_03739f15-3a32-59dd-be62-ee68cf28e026.html
Since you outed your friends, FPDS mom at 10:31, how many people you know from Bossier worth $300M whos kids went to Airline HS?
Shutout to being a good crook. If one must go to a correction camp for the remainder of their life it should be for a meaningful risk, $100M is not bad. Lots of dudes doing life for peanuts. You cannot suck in a honest man with a Ponzi scheme.
10:31am : is correct. Don’t know his worth but he is very wealthy!
According to this article, Bill Windham, Summer Adams' (nee Windham) father, owns hospitals, casinos and ranches (and looking to get into the marijuana biz). May not make him worth $300M, but Mr. Windham seems to do all right. He certainly has the wherewithal to help his daughter buy a hacienda in Bridgewater.
Hopefully the Adams lad and his Bossier City bride weren't involved in Lamar Adams' shenanigans and can stay snug in their Ridgeland enclave.
https://www.ktbs.com/news/3investigates/shreveport-bossier-businessmen-want-to-add-medical-marijuana-to-their/article_2d2c84a2-169d-11e8-a757-ff99514d6f28.html
Adams to be in court today
11:25 what do FPDD mean?
And for all you know 11:25 I’m family.
I am not saying that it was not $100,000,000.00, but lets be more realistic. Suppose I invested $1,000,000.00 ten years ago on a 12 month investment and was getting 12% interest. Let's even assume I kept the interest (which may or may not come back to bite me in the A$$). I would be, in my mind, a fool not to reinvest at least the principal. So in reality I invested $1,000,000.00 ten times. That represents a $10 million dollar investment ($1,000,000.00 X 10 (years) = $10,000,000.00.) I am not defending this guy, but numbers can be inflated. P.S. I would not want to stand in front of a Internal revenue agent and plead my case. I had to do it once and it was nerve-racking.
3:37, I am sure there are a few similar to your example. But, in a more likely scenario,there were a few investors early, a few more the next year - with some likely to reinvest, even a few more in year 3 - with some likely reinvesting, etc.
Result is that there are generally more investors in later years because they get duped by the name dropping of those that got in "last year" and "you can check with them and see that they got paid" lines - its part of the spiel.
According to the FBI/SEC charges, there are somewhere around 250 'investors' over the years. Some have surely gotten their money back with interest and taken it to the bank. Others might have gotten some interest and be like the lady who filed her suit in Madison County last week that reinvested and now the checks are bouncing.
When this first started it appears that they wouldn't let you in for less than $100,000. But it appears that over the past several months/years some invested less; or at least added less than another $100k to their investment. My guess: Lamar was needing some cash to pay off others, and let some folks in for a smaller ante just to stay afloat (and out of the slammer a few more months.)
I don't know why my comment attempting to clarify something earlier in the day was not allowed through.
But, again.....
@ May 9, 2018 6:00am:
A little google-foo shows you are incorrect in your assessment of the President of First National Bank of Clarksdale.
That person is Russell S. Bennett.
The person you confused him with, that is a lobbyist for Entergy, is a slack-lining Russell E. A. Bennett.
2 completely different and, to my knowledge, unrelated person
Look don’t beat around the bush, I’ve know Lamar all my life, he was and still is a crooked, racist,selfish low life son of a bitch! Let her m rot in jail!
Third comment ‘bout that. Thanks! More than dually noted.
Does anybody know if this is the same property that Morgan Freeman was rumored to be involved with several years ago before the real estate crash?
I don't know to what degree if any the bank of oxford was duped or is vulnerable; however, based on personal and professional experience, that place is not the A team.
You bet your ass it’s noted, crooked bastard
So is this the week he reports in?
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