The Securities and Exchange Commission said in court records that Lamar Adams began his Ponzi scheme in 2004. The SEC filed a civil complaint against Adams and his company, Madison Timber Properties, LLC in U.S. District Court on April 20. The complaint was unsealed on May 2.
The complaint states that Madison Timber Properties and Adams "raised at least $85 million from over 150 investors in multiple states." The Justice Department charged Adams with two counts of wire fraud and one count of bank fraud on May 1. The Justice Department filed a bill of information that day that said Adams operated three companies - Madison Timber Fund, Madison Timber Properties, and Madison Timber - as part of a Ponzi scheme that bilked 250 investors of over $100 million. Adams will enter a guilty plea to one count of wire fraud in U.S. District Court Wednesday.
The SEC complaint provides more details on the largest Ponzi scheme in Mississippi history:
2. Adams told investors that their money would be used by MT Properties to acquire timber-harvesting rights from various land owners on behalf of investors. The company allegedly would later harvest the timber and pay investors with the profits. In fact, Adams operated the venture as a Ponzi scheme, paying earlier investors with funds obtained from newer investors. He also used invested funds for a variety of inappropriate ends, including personal expenses and to fund real estate investments....The case is assigned to U.S. District Judge Carlton Reeves.
11. MT Properties purports to be a timber harvesting company.
12. Starting in at least 2004, Defendants began raising funds through the sale of promissory note investments. The sale of these promissory notes has continued until April 19, 2018.
13. In general, the promissory notes are for a one-year period and offer an annual return of 12%-15%, which is paid back over the course of the year. At the end of the year, investors can either have their principle returned or rolled over into a new investment.....
17. As part of this "Timber Scheme" the Proposed Defendants provides the investor with a (1)promissory note; (2) timber deed and cutting agreement; (3) security agreement; (4) tract summary that includes the value of the timber on the property; and (5) a title search certificate.
18. MT Properties never obtained the harvesting rights to the land as claimed. In most cases, Adams forged the timber deed and cutting agreements. Adams also forged the documents purportedly showing the value of the timber on the land tracks. Further, Adams would pledge the same land tracts (which he did not actually have the rights to) to multiple parties. Finally, in most cases, the specific land tracks did not have the value of timber as promised or did not in fact have any harvestable timber.
19. Instead of using the investor funds generated by the Timber Scheme to acquire timber rights and harvest the timber, Adams used the funds for his own benefit. Additionally, Adams began constructing real estate developments near Oxford and Starkville, Mississippi. Investors were not told about this real estate development and had no knowledge that their funds would be used support it. Further, the investors have no legal interest in the real estate developments....
100 comments:
So, no timber was ever harvested? No wood was gotten except that which the investors got up the ass.
Now this makes more sense. He was forging the documents that said he had tracts lined up.
Will the list of investors and the amounts put up ever come to light?
They probably took Victor Nance's ponzi model and expanded it
Will an involuntary bankruptcy be filed? A Receiver is certainly called for here. It will be interesting to see how much money a receiver can find after turning any assets into cash.
Since 2004...?
He had a good run!
There is some "wood" involved. That is the wood that Lamar has on some alleged co-conspirators, thus his early plea.
Sing like a bird, Lamar, spill your guts.
Right now some very nervous folks are burning up their shredders, destroying their hard drives, and scrambling to hide their ill-gotten wealth.
The good news is that Club Fed in Lompoc, CA has a nice golf course.
Any idea which developments in oxford and Starkville?
So anyone have details on these oxford and starkvegas projects or names of them? Wonder if he had investors there too?
snow·flake
ˈsnōˌflāk/Submit
noun
1.
a flake of snow, especially a feathery ice crystal, typically displaying delicate sixfold symmetry.
Baker Donelson's new offices are an open concept, with glass allowing everyone to look into every office. I bet they are question that design decision this week.
🗣🌨💨🌬❄️❄️❄️💔
*Began??
Sphincter Spasms reported at Lord ❄️ As well at BD.
Operation Damage Control Underway...
His name is all over the Oxford Springs project in Lafayette County. https://m.oxfordeagle.com/2017/05/03/oxford-springs-land-use-map-approved/
I want to know what the Starkville project is?
Uhuhuhuuh! You said wood!
I could have sworn I saw something about the development was in Abbeville or was that in a comment on a previous post?
I'm being told that even if you got in and out early, you will be forced by the feds to cough up the profit at the very least. That's gonna suck for anyone who invested in good will as far back as 2004 and now has to find that money and give it away.
Now, that's just lazy, using the same tract that you don't own as collateral for multiple loans. You would think he would at least put up a different tract he didn't own. Damn Lamar, you're giving us hucksters a bad name. Tighten up boy.
According to a Tupelo Daily Journal Article of 11/30/2015 the Oxford development is actually in Abbeville. The article said that two gentlemen, Lamar Adams and Patrick Sans purchased 2300 acres. Would NOT consider Lamar Adams a "gentleman"! The development is called Oxford Springs.
The “Network” talked about for so long may about to be uncovered. It would be very interesting to see the names and amounts invested and paid off since the scams inception. You know they all kept two sets of books.
Seems the vast majority of posters on this garbage site are giggle silly happy so many people and families are being totally and irreparably destroyed by all of this. SMDH.
For what it's worth, the "DPJ-FKB" at the end of the cause number in this SEC complaint means that the district judge is Daniel P. Jordan and the Magistrate Judge is F. Keith Ball. That likely explains why Judge Jordan recused himself in the criminal case -- since he already has the civil SEC case.
FOR SALE: Late model extended cab pickup. Fully loaded and equipped for timber work, but never seen mud, dirt, or anything associated with logging. Only used to travel to parties, social events, the Mississippi State Capitol, a few local law offices, and church on Sunday. Also used to shuttle family members between CCJ and Bridgewater with regular trips to Oxford and Starkville during SEC football season.
Comes with bedliner, lift kit, Yeti cooler sticker, prominent Salt Life decal across rear window, pair of Costa del Mar sunglasses (XL), five slightly worn but never tucked Columbia PFG Bonehead fishing shirts (XXL), and parking pass for the District at Eastover garage (Baker/Donelson section).
Need to sell quickly to pay unexpected debts. Asking $100 million OBO. Will NOT accept timber investments or post-dated checks as payment!
Contact L. Adams, Country Club of Jackson (I'm at my home 24/7)
3:51, define "destroyed".
Broke isn't destroyed. Most Mississippians live that on a daily basis.
Embarrassed and/or ashamed isn't destroyed.
Hell, even criminal isn't destroyed. Happens to the biggest names in the state (see Lord Snow's nephew).
You left out "sleazy blog owner"
3:51 you are right and wrong. Most posters here are thrilled that Lamar and his family have finally been caught and held accountable. Some here have watched him for 30 plus years cheat, lie and be a general SOB. It might have been on the ball fields at Hite Walcott Park, or the football field at MRA , maybe an arrogant snub in the Grove or maybe when he and his lovely wife and kids thought it was ok to laugh at, talk about or generally smear a child they did not think worthy of sharing air space with their 2 special snowflakes. The history runs deep, for many, with the Adams family, the parents and children, they are not nice people.
Most people are only worried about the victims of these scumbags. Scumbags can FO, and we can all enjoy the show.
to 4:06... thats just beautiful!!!!
5:03, 3:51 here. I have never met Mr. Adams. I vaguely know Mrs. Adams as she goes to the same church with me, and vaguely know only her daughter, who married a person I consider a friend's, son. Both seemed to me to be delightful people and the daughter Brandon's husband, you don't get better than. I just find the hatred spewed their way in such an AWFUL time, disappointing and tasteless, and very heartless. Not judging others as that is God's call, but I still find the hatred just plain mean, ugly and evil.
5:03 you are also both right and wrong about 3:51. There are terrible things that happen to people such as recent events with church employees in our community but they weren’t drug through the dirt. Why? Because everyone knows the people who are basically good and those who are basically bad. We of course should forgive all but just like in feudal times, the ones that were flogged or required to crawl naked on their knees that were bad people drew the largest crowds. The vehement remarks you see are because the crooks at BS and BD have been sanctimonious and gotten away for years with their crimes because they had the rich and powerful under thumb. They are greedy, arrogant and condescending which is why everyone is overjoyed these assholes are finally being brought down.
5:37, then I am sure you are suggesting to those wonderful folks you know that they ought to liquidate all of their assets and start distributing their ill gained wealth to the many folks that were screwed. Would you feel the same if your bank account was now $100k, or $200k less than what it was, and what you expected to be?
TO 5:37PM..... HEY BABY...... YOU WANNA PLAY THE GAME?? THEN YOU DAMN WELL BETTER LEARN THE RULES.
5:53
What kind of irrational logic are you using suggesting that family members are culpable to the point that they should remit their own hard-earned money? Just because they are related doesn't mean they benefited
If you can prove they benefited, then so be it, but, my gosh, the daughter, for all I know, married a husband from a wealthy family and a husband who is doing well for himself.
This is Rudy’s fault!!!!!!!!!
You'd think "MT Properties" would have been a clue.
3:51/5:37 -- I for one am indeed giggling with delight!
I'm delighted to see confirmation that a bunch of privileged NE Jackson mediocrities were so apocalyptically stupid as to fall for a "guaranteed 13% return" on timber. Any sane person would've --I dunno-- Googled rates of return on actual timber land, and within 15 seconds known this was a scam.
Also, I'm thrilled at the prospect that their children and grandchildren will be "destroyed" by having to attend good public schools in Madison, and possibly taking out a loan for college.
Most of all, I'm happy that clueless, sheltered people like yourself are shocked and aghast at learning that common folks object to your "delightful" friends being evil.
I doubt you or they have known much real hardship in your lives. But hardship is good for the soul, you know. And we're all very happy to facilitate this long-delayed growth experience for you.
@6:35 Lol, please fact check - there was no "hard-earned money" or "wealthy family" involved, but ok. From recent accounts, Lamar was apparently footing the bills with other people's money. Whether the family knew or not is a different issue and not germane to this discussion - but those that have lost their investments should not have that money subsidizing the lifestyle of his family now that the truth has come out. It should be pretty straightforward to follow the money trail, and anything that was legitamately earned won't be affected
It says in the indictment and I'm paraphrasing, that Adams recommended that his investors don't "record the timber deed" with the county/state and if he defaulted on the N/P or promissory note then the investor could record the timber deed thereby securing their position. As soon as that guy told me I was holding the timber tract as collateral and couldn't secure my position and then said he's giving me 13% to 15% returns when banks were offering 4% or less at the time, I would've run for the hills. It's like saying hey....get fire insurance on your house only after its burned down. Can't believe these people fell for this, a simple walk down to the county office to secure your position on the timber deed would've exposed the fraud immediately. Careless people trust way too easily people who're "good guys" or "good people" or "smart guy" who were's a suit, knows the right people, and so forth. The true definition of "Confidence Man". Never invest in something you don't fully understand and especially on collateral you're not secured on.
A fool and his money are soon parted.
Lol.... Lamar sued Louisiana and Kansas Department of Revenue
Check this out.
http://www.rev.state.la.us/LawsPolicies/C02014-0471-JH%20Lamar%20Adams%20v%20LDR.pdf
@10:32
Excellent points in your comment. Just the promise of 13-15% return on a cyclical commodity such as timber should arouse suspicion. Additionally, did any of these investors ask for balance sheets, cash flow statements, etc or were these fabricated as well or nonexistent? Most of these people unfortunately were duped by not doing due diligence prior to investing their money. I guess trust amongst people who run in these circles of society and "trying to keep up with the Joneses," i.e. so and so bought $100,000 in timber investment so I want to do it also, caused this scheme to flourish while it did. Greed as well.
If you want exposure to timber maybe stock in Weyerhaeuser, a timber REIT, or a commodity ETF that includes timber is the way to go.
This should have, could have, would have.....all not necessary.
Lots of trust and mistakes were made.
It’s amazing it lasted almost 14 years.
Rather than grill the victims....let’s grill Lamar and those who were in position to know (should have known).
It’s funny....as many of you skewer the victims for not doing due diligence....will the same people be heard to hold those who should have known Lamar was a fraud accountable?
I think I already know the answer......
8:39 am There's a serious flaw in your thinking if you believe that everyone who lives in Bridgewater or Eastover or is a member of CCJ is arrogant and either achieved their success illegally or by taking unfair advantage of their fellow man or merely inherited their wealth.
It is certainly true in some cases, but a blanket condemnation of the successful is just as ridiculous as the notion that all working lower to upper middle class people are inherently noble and that the uneducated are capable of such intuitive wisdom that facts and knowledge are meaningless. I can provide a long list of people in working poor or middle class who routinely break the law or behave badly. They aren't brought to task simply because it costs more in legal fees than they are able to steal or because law enforcement is too busy with more egregious crimes.
It is also ridiculous to assume that spouses and children know the details of the bread winner's business or professional dealings or that they suffer no financial or emotional consequences in situations like this Ponzi scheme.
I have many friends in Bridgewater and Eastover though I do not live in either neighborhood. I am a spouse who knows where every dollar is earned and spent but I also know that's not common. It's easy to see when a person is widowed if you are their close friend.
My friends are people who paid for advanced college educations with the GI Bill and/ or scholarships and stipends and by working. Their children are hardworking and successful in their own rights. Many of them, like us, do not try to dodge taxes but are grateful to live in a country where one can achieve financial security based on their own efforts. They feel those who benefit the most should pay the most for the privilege of being a citizen of this great country.
Sadly, we see that between those like Mr. Adams , those who take advantage of poorly written laws or who purchased political advantages so that their theft became legalized are and mean spirited people like you, are tearing apart the values and the ideals that made this country great.
You expect perfection and think freedom means you can do or say whatever the hell suits you and the consequences to other citizens don't matter. It's all about you and you have no responsibility to this Nation. You are a convenient nationalists and think saying the pledge and singing our anthem and thanking our military and police is all you owe.
Your opinions and beliefs and self interest is all that matters to you . You don't value this Nation enough to be informed or know why democracies and republics have failed in the past or the difference between governments and economic systems. Nor do you know the first thing about the history of economics and what have caused economies to collapse.
To me, you and Mr. Adams are both arrogantly certain you are superior to others and by your existence deserve anything you can get. Your egos excuse and rationalize your mean behavior. He meanly profits , you meanly criticize and you both cause citizens to lose faith in the ideals our Nation in the process. No doubt Adams too, sees the smote in the eyes of others but not in himself.
10:32/8:53,
Two important components of Madoff’s successful ponzi were exclusivity and secrecy. Madoff often told interested investors his fund was closed. However, he would also often follow that up by saying he would make one exception just for that particular person if they would keep it quiet. He also told them his methods of consistent high returns were “proprietary,” so now that a person who feels he is just lucky to be let in is less likely to question the method of return. Don’t you think there was also some of this type thing going on? Does anyone know anyone who was denied opportunity to invest?
You're right 9:15. Let's just categorize all the victims as chumps and leave it at that.
What was the trigger that led to the unravel? I’d imagine he ran short in cash and couldn’t make payoffs, but was it something else?
Kingfish has ridden this one long enough. Now....back to work.
Income taxes ...... financial statements produced by who ? .... that will be interesting .....
Who else was involved? I can't believe that, only by himself, Lamar Adams was keeping up with the books and accounting, calculating the interest owed each month to 250 different investors, and cutting and mailing them interest checks or wiring them money to their respective bank accounts. That's in addition to depositing new investor money in accounts, transferring money between banks and, let's not forget, calculating and paying those huge commissions to his recruiters. Who was handling the backroom accounting - is that something that a full service law firm does - or did he have a staff?
3:59, Judge Jordan actually recused himself because he was friends with a lot of the victims. He said so in his order. If he hasn’t already, he will do so in thIs case too.
10:58 Wrong. Plenty more to come!
10:58, you wish. KF is doin' work on this story right now. The public has learned more about this fraud thanks to his stories and the comments.
How many business jets have recently departed the Madison Airport with very heavy Halliburton cases heading to the Caymans/British VI/Barbados?
9:58 What do these ramblings have to do with this investment scam?
"..privilege of being a citizen of this great country."
"...that made this country great."
"...consequences to other citizens."
"...responsibility to this Nation."
"You don't value this Nation enough to be informed or know why democracies and republics have failed in the past or the difference between governments and economic systems. Nor do you know the first thing about the history of economics and what have caused economies to collapse."
There has been a considerable increase in transient jet traffic at MBO with FX and UP at the end of their tail number that makes them rent-a-jets.....
Greed is the root of all evil.
Lamar Adams. Greedy Confidence Man
Lamar Co-Conspirators Greedy
Victims. Greedy wanting 13-15% interest
When all is said & done. Mr. Adams assets will be auctioned off & the proceeds given to the victims. Maybe 10 cents on the dollar.
Than another Lamar Adams, Bennie Madeoff or
other Confidence men will take there olace.
The way I protect myself is hiding all my money in a mason jars in the backyard.
Darn, I forgot I just sold my house & land.
Wow, what a dumb move.
The good news is that no trees were harmed during this Ponzi scheme.
Twee Hugger,
What have you been smoking?
All of the forged deeds, documents and all of the promotional materials to push this scheme were printed on innocent trees that were not a part of the scheme at all.
May 5th, 9:58, that was one of the longest, lest connected or related comments made in quite a while on JJ. I'm glad you went to school on the GI bill, and know folks who do. But the rest of what you attempted to say didn't add a durn thing to this conversation as best I can tell. (I'll admit, I kinda dozed off toward the end while still trying to figure out what your position was, or what the basis for your thoughts were - so maybe it got better.) But after I woke up and tried to finish reading, it hadn't gotten any better. Anyway, I'm sure JJ is appreciative for your comments - helps his word count for when he sells advertising.
Haven't had the privilege to talk about this scam with anyone who invested; and evidently I'm not in the league of those that got pitched. But I have talked with three folks who were pitched by Alexander, either individually or with partner Seawright. One former money manager questioned the concept and the numbers offered but 'was assured' that others had reviewed the numbers and that they were accurate. He asked for copies of those other's paperwork and spreadsheets -- but tell-tell, never heard back from them. Biggest difference between the three potential investors' stories was that the third was guaranteed a 20% return, not just the mediocre 12% or 14% that Lamar evidently was offering.
Lamar was my YMCA basketball coach in 5th or so grade 25 years ago. He got in a fight with the opposing coach between the benches - tried to choke him out. Received a 2 game suspension but gamed it by wearing a ball cap and glasses and called plays from the stands incognito. Great lesson for us kids. Just now reading these stories (out of state now) but definitely not surprised the jackass has been ripping off folks. 10 year old me knew he was a POS. Guess he didn’t mature these last 3 decades.
Um, so the story is that two of the largest, most powerful law firms in Mississippi (if not the two most powerful) didn't know that the timber industry - the TIMBER industry - was in a slump? That's got to be real comforting information for their random legitimate corporate clients.
Feds should be all over BD and BS after he sings, one would think this story is juuuuuuust developing into a more juicy one. Hell, Wicker was recruited....what did he know?
The blog is dead. Eight to twelve threads about this investment scam and that's it.
Get your own blog in 3..2..1..
Kingfish keeps us informed in 5..4..3..
at 5:57 AM: "two of the largest, most powerful law firms in Mississippi (if not the two most powerful)"
This will be the most interesting part of it all; two firms with lots of high powered friends, politicians and judges.
Thus far, I've seen all sorts of stuff, but other than Roger Wicker's $10-$30K in disclosed "interest" paid to him, I've yet to see any mention of any other INVESTORS (NOT operators/sellers) who got paid.
If this really did start in 2004, presumably with the payouts beginning in 2005, that is fair chunk of change paid out to...who? It sure would be, um, "coincidental" if a whole bunch of politicians made a ridiculous rate of return on a Ponzi scheme run/sold by a bunch of lobbyists...gee, it almost might seem like bribery or something.
And who knows, maybe there is another whole bunch of these "investment funds" out there. Man, if I were enterprising investigator, I'd probably start looking at every financial disclosure I could get my hands on and any investment that was not immediately recognized as legit would get a look-see.
@8:13 Roger Wicker was nothing special so don’t try to infer he was. Every investor was paid interest until the Ponzi collapsed last week.
I understand political contributions were made. Also contributions to the "Vaught Society" at Ole Miss??
Job security for lawyers defending lawyers. Oh the irony.
@8:13 makes a great point. I guarantee you certain people were paid for sure. But someone running a massive Ponzi scheme would never venture into a bribery. The other thing I keep thinking about is how much is PERS on the hook for...they're always up for a bad investment and the last few years they have pumped more money into "venture capital" and "timber funds".
Had dinner with five other couples last night. All of them were pitched this “deal” once or more. Should I be offended that Alexander and seawright didn’t find me worthy? Nah, I’m good. All couples said the deal was presented very credibly and the names that were dropped were a virtual NE Jackson Who’s Who (if true). When asked for detailed information and backup, all were given the run around and delayed.
So let's just recap what we know so far about this pitch went:
I'd like to offer you an exclusive opportunity to invest in timber! We're offering a guaranteed rate of return of 13%, which has been the same through a major recession and is roughly three times the expected rate of return on actual timberland.
We'll give you a copy of the deed to timber rights on the land, but whatever you do, don't take it down to the courthouse and register it like a normal person! See, it's a special deed that works better if you only register it after we don't pay you. Which of course will never happen, because, you know 13%, etc.
We'll pay out your interest in installments with regular, pre-dated, monthly checks, because that's how commodities work -- they're super predictable and never subject to fluctuations! Just don't ask about your principal. But with rates like this, why would you ever want it back?
Oh, and the name of the company is Madison Timber Properties, or "MT Properties" for short. Don't read anything into that.
Now, which of you sophisticated gentlemen would like to be the first to secure your future with this once-in-a-lifetime opportunity?
8:13 here, in response to 8:31:
I'm not suggesting Wicker, in particular, matters or doesn't at this point. What I'm saying is that there are reports of losses, but thus far, I've only seen Wicker being pretty much verified as someone who received a "profit." By the definition of a Ponzi scheme, and one going on since 2004-5, there are winners as well as losers. So, who are the other winners? If it is mainly a bunch of doctors as both winners and losers, that points to it being a "pure scam," but if a bunch of officials turn out to be "winners," it might point to it being more.
Which brings up this: it seems a bit odd that Wicker (or state officials) wouldn't know something about slumps and booms in the timber industry in general and especially so about the timber industry in Mississippi. If this was some "investment" involving yak ranching in Mongolia or condos in Montenegro, Mississippi officials being scammed (winner or loser) along with all the other suckers might be plausible, but being actually scammed based on the timber industry in Mississippi - that might require some explaining.
Where's the so called Secretary of State and his Securities Division in all this? Dilbert Hoseman might have turned an deliberately indifferent eye toward this whole thing.
Really 9:00? Stop slobbering. Contributions were made to MSU as well.
What's your point?
This thing was so big lots of schools were beneficiaries.
You just sound stupid.
In 2004, the commencement of the initial fund began until someone realized that it was best to diversify & segregate said funds by incorporating more LLC’s adding to the portfolio of fraud that led to real estate development, not timber rights.
In 2009 Butler Snow helped form one of the main targeted LLC’s;
Madison Timber Properties, LLC which received farm subsidies according to one source found via google search: $3,250.00 in conservation subsidies & $1,098 in commodities subsidies by FY 2016, beginning in FY 2014 in Calhoun County, MS.
Of interest in said subsidies is the commodity of cotton, because trees grow cotton balls, am I rite? What’s largely being played out as a mere private capital ponzi investment scheme includes fraudulent reception of farm subsidies of which I’m sure Mr. Lamar utilized the proper channels to rip off taxpayers. There’s usually one entity well known for facilitating that line of business modeling, and it ain’t the IRS or MSDOR. In this case, It’s a “private sector” entity.
Also of interest is that when Louisiana and Kansas demanded payment of alleged unpaid sales taxes from a completely different entity (eztell), Mr. Lamar counter sued for $70,000.00. This also occurred in 2014, the same year Madison Timber Properties, LLC began receiving farm subsidies in Calhoun County, MS according to openly available sources per USDA. I, personally, don’t believe in coincidences. Does the year 2014 ring a bell to you in political ?
Both Butler Snow and Baker Donelson have a legacy of expanding the Republican Party in MS (BS) and the Republican Party of TN (BD). Both have offices in Nashville, TN and Jackson, MS.
A conspiracy to defraud both private investors and taxpayers that went on for this long needed more than one “fall guy” to perpetuate for such a lengthy unscathed and most certainly more than just the “promoters.” It needed political connections or extensions thereof: political subdivisions and networks.
In conclusion, sometimes victims can knowingly or unknowingly perpetuate the scam by simply having confidence in it, leading others to believe it’s a safe bet.
*TIP for the kiddos, if you don’t have the resources to obtain the most recent filings, https://www.opensecrets.org is of some use. Ignore the political leanings of the site (left leaning), and data mine it for your favorite politicians and their financial disclosures, some of which raise eyebrows especially in this particular matter.
Open Secrets Link (Copy/Paste):
https://www.opensecrets.org
May 6, 2018 at 9:58 AM. Well done. Thank you.
In 2014, Jon Seawright and Stacey Wall formed Pinnacle Financial Services LLC.
But Stacey knows nothing and if you have any questions please see his compliance stooge.
There are three gates to self-destructive hell: lust, anger, and greed. - Bhagavad Gita 16:21
9:58, what a tangled web you try to weave with a bunch of unconnected, and incorrect, facts.
Let's go back in time: The EXTell lawsuits in Kansas and Louisiana are for operations of a corporation owned by Lamar selling long distance services -- in the 90's. The states are trying to collect sales taxes they claim are due -- from the 90's. Lamar has countersued (via Jeff Rawlings, his attorney) and your date of 2014 has nothing to do with anything related to the controversy, except maybe in your Google search you found one of many documents in this affair dated 2014 - thus, your "coincidence".
The USDA payments that fit your "coincidence" of 2014 are because of when the Calhoun County land was acquired. He couldn't collect those USDA payments in 2010, or 2012, if he didn't own the land at that time for the requisite period of time and during a period when the USDA program existed. To try to find a coincidence with what you somehow consider to be a 'magical year' of 2014 just shows that you are part of the Kool-Aid cult that thinks the world began and ended that year. And besides, $4,300 in USDA conservation subsidies doesn't even boggle the mind of the thousands of farmers in the MS Delta that don't even begin to fill out the paperwork for less than $100k a year, so take your $4,300 conspiracy and get out of this poker game and let the big boys at the table. BTW, oftentimes people own land that can have AT THE SAME TIME row crop land for cotton AND timber. Hell, I'm just glad to know that Lamar actually had some land - and the idea of his timber having cotton bolls doesn't change any equation.
So, lets recap, as you try to do.
You think that there is a connection between Lamar owning some land in Calhoun County, owned by a LLC formed by BS in 2009, that received the whopping amount of $4,300 in USDA subsidies five years later in 2014. And, in 2014 MS had an election that some nutcases still live and thrive on. And in 2014 the fifteen year old case regarding sales taxes on a long distance carrier continued with additional legal filings. And Lamar was continuing to operate a hundred million dollar Ponzi scheme started years earlier than your magic year and lasting until today. And, there are two law firms that have republican (and democrat, but you ignore that detail) ties that have members that promoted the ponzi scheme connects to the long distance lawsuit and to the USDA payments.
Hell, I get lost in your idiocy. Think I need a good bloody mary this morning to help follow your tangled web theory.
1:14 pm I was responding to the sweeping generalizations made by comments made by 8:39 am . I refuted his generalizations with specific examples rather than juvenile insults.
I'd hoped to persuade 1:14 pm that he only hurts himself by spewing such nonsense.
Apparently, like 4:26 pm, you don't seem to see a larger picture or think the context in which our behavior occurs matters.
Responsible, patriotic citizens not only uphold the law, they do NOT spread discord at any level of our society with prejudice or propaganda or lies.
You may think free speech gives you to the right to lie or spread ignorance and I suppose it does with some limits. I would suggest to you that a patriot knows that right of free speech was paid for in blood and makes damn sure they know what the hell they are talking about before they open their mouths or write anything.
11:18 thanks for clearing up my misunderstanding of the sales tax collections lawsuits and the way farm subsidies are structured in regard to time and payment structures. Please understand that I’m trying to figure out what went on because all I have access to is what’s available on the internet, which isn’t much. We’re all ignorant of something in life, including yourself. I’m sorry that me trying to figure out this web of mess with just google makes you want to take a drink, but maybe you already needed one anyway.
Hope you have a great week.
11:18, you will need much more than a bloody mary to follow 9:58’s BS. It appears we have us a real life leftist propagandist chiming in on this here Lamar Adams story.
Sounds like a Rachel Maddow wanna be. “If this happened then that could have happened and if that happened well then this surely could be possible.” God, I watch her from time to time as a reminder of what we get when affirmative action is coupled with a corrupt so-called news outlet (MSNBC) fronted by none other than Bill Gates as a payment to the left in exchange for not pounding his ass about the John D. Rockefeller business model he created and the lack of charitable (at the time) contributions.
There is more - much more - to this, or, this isn't anything as remotely serious as is being touted. The alleged mastermind in a 100 mil Ponzi scheme pitched by people with ties to Butler and Baker is supposedly pleading to one count of wire fraud 20 minutes after he is popped? Nope, pick one but it is either much more or much less than it currently seems.
If it is more, one word: RICO (yeah, technically it's four words) and to paraphrase Harvey Keitel, "several someones have to go to prison, Butlerbakersnow..." and both firms will be badly damaged (at least the office(s) that had ANY role). If it is less, there will be some civil suits, some settlements and in a couple of months, it'll be ancient history, newswise.
Agreed. My guess is that this goes away with the BS and BD guys getting off with some fines and the obvious civil suits. A couple of the key attorney promoters do have other businesses and I hope that they didn’t use “commissions” to fund those business matters.... or this could affect more people than already expected..
The reason I think this matter goes away with less jail time (and fewer cell mates) is that most investors likely got a large portion of their investment back thru interest payments. They were fake promissory notes, but people did get paid every month. So unlike Madoff, where everything vanished, the 100mil ponzi number isn’t a true reflection of what’s been lost
@ 8:29 Good Point !
“ A Persons True Character Comes Out
When Their Is A Dollar Bill on The Table.“
Everyone Must Pay Their Dues in Life.
Their Are No Short Cuts To Honorable
Success.
Ecclesiastes — “ Life is like Chasing The
Wind ...When God is Left Out Of The Equation.”
someone explain to me why he is pleading guilty to 1 count of wire fraud (20 years) when he is 58? If he is going to give up everyone wouldn’t you think he would get significantly less time so he had a chance of getting out? If it were me I wouldn’t give them anything unless I was getting a hand slap in return. I may would equal like a pig in return for a 3-5 year sentence. Please explain this to me.
“ A Persons True Character Comes Out
When Their Is A Dollar Bill on The Table.“
......
Everyone Must Pay Their Dues in Life.
......
Their Are No Short Cuts To Honorable
Success.
......
Ecclesiastes — “ Life is like Chasing The
Wind ...When God is Left Out Of The Equation.”
7:32 again, mainly responding to 8:32,
If I had to guess right now, I'd say the real tell will who the "investors" are and which "investors" actually got paid over the years (the net return prior to the bust). The fact that they happened to lose money in the year of the bust doesn't tell much, even if they were first-time "investors" in the period immediately prior to the bust.
I am going to make a SWAG. Wicker was allegedly duped in a Ponzi scheme that required "investors" to have a total ignorance of the Mississippi timber industry, yet he made 10+% returns pre-bust - that has something to do with this, even if that curious tidbit never figures into the public discourse.
Now, in fairness to Wicker, he may not have realized the situation. Consider that if he thought it was legit, he would naturally and understandably feel gratitude to those who he looked at helping him make a legit investment. I readily acknowledge that possibility. Basically, buy some love without Wicker ever knowing it was a scheme.
But I still cannot get around this whole thing involved the timber industry yet at least some of known involved parties, sellers and buyers, should be well-aware that nothing about this thing, from the returns to the details, fit into the normal workings or current state of the timber industry. It's like a bunch of shipyard lawyers supposedly scamming a bunch of shipyard execs with some abnormally high return deal that involved building a 100 aircraft carriers a year...in Omaha - something just ain't right.
I knew Lamar back in the 90s. Hung out with him a good bit. Back then he owned a timber company called Buckbo Timber Co.. If all this is true. I would have to say hes been doing this way before 2004. In 1994 Lamar always seemed to have plenty of Money but he never seemed to work. I just figured he married into it. Makes me wonder.
IMO, @ 8;29 , it’s going one of two ways. A) the powers that be try and get this “stain” and “embarrassment” over with as quickly and painlessly as possible or B) they make examples of the main perpetrators. Considering the egos of the people involved (even some of the victims) it’s not that far fetched to think that making this go away would be better.... especially for the people who put their reputation above all else.
That's why BS brought in Cannada and a northern PR firm to do damage control.
"Damage control?!" It would seem that is a bit like calling Allstate from the scene of the accident. It would also seem that a wee bit of damage prevention would have been a better expenditure. Oh, well, sometimes it is hard to see the forest because of all the damned trees and other times, it is hard to see the timber because there are no f'ing trees.
More on this PR firm and damage control efforts!
someone explain to me why he is pleading guilty to 1 count of wire fraud (20 years) when he is 58? If he is going to give up everyone wouldn’t you think he would get significantly less time so he had a chance of getting out? If it were me I wouldn’t give them anything unless I was getting a hand slap in return. I may would equal like a pig in return for a 3-5 year sentence. Please explain this to me.
Since the RICO Act includes the crime of mail/wire fraud among about 34 other crimes, what would be the affect on the law/investment firms mentioned. One could find out very quickly just how much power & influence they actually have. A big dose of the feds may result in a little humility.
3:52 - let me try to explain. He is pleading to the one count with 20 years because that was the best he was offered.
He might be hoping to get a better sentence, but that is - as they say - to be decided at a later time.
My bet is that he would have much rather pled to a whole s**tload less, but because they had him by the gonads, this was the best deal he could cut. And - it requires him to sing all four verses of the hymn, in three part harmony.
Thanks 3:52
My point though was at 58 his chances of getting out of prison are slim to none whether it’s 20 years or 70 years. I’m not an attorney by any means but I think if it were me I’d keep my mouth shut and take 70 before I gave anyone else up. The feds want othe people so wouldn’t that be a big bargaining chip for Lamont?
RICO covers a lot of ground, criminal and civil - for those interested, the Wikipedia entry will give a "close enough" overview. We (the public) don't know who sold what where or how, but apparently there are victims in numerous states and states have RICO laws, too (and standard criminal statutes). Until the extent of all of this is known, everything being discussed is based on limited knowledge. At this point, we (the public) don't know what we don't know and we may never know what "they" (the Fed and state(s) investigators) know, or, we may already know pretty much everything. For example, Forbes is calling it a $85 million scheme, other outlets have reported $100 million and none I've seen have reported a definitive amount actually lost. We (the public) are entitled to ask questions as well as speculate and make inferences, but keep in mind the above about what we don't know. For example, Wicker having invested is grounds for reasonable speculation, but inferring that every person at Butler and Baker was involved in or had even heard anything about this is rank stupidity.
As to the ability of those involved or implicated to use whatever influence they have to control this, there is potential for that, but it could be limited by the scope of the crimes. The SEC portion is currently out of Atlanta, the reports are that there are investors in multiple states, etc. If this were someone's kid getting caught with a kilo or two in Madison, that would be one thing, but multi-state, organized fraud involving alleged securities is another thing entirely. And even if those law firms implicated can protect the firms and members from criminal prosecution, there are other aspects they can never fully control, such as loss of confidence from legitimate clients and civil litigation being initiated, even if they could influence the outcome.
We just don't know what we don't know.
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