Wednesday, May 30, 2018

SEC & SOS to submit bids in Lamar Adams case.

Judge Carleton Reeves assumed the role of Solomon in a fight over the assets of Lamar Adams.  The SEC and Secretary of State Gilbert Hosemann are fighting over the right to appoint a receiver in the Lamar Adams Ponzi scheme case. The SEC accused Adams of operating a Ponzi scheme that defrauded 150 investors out of more than $85 million since 2005, in a lawsuit filed in U.S. District Court on April 20.   The SEC said Adams sold bogus timber rights and deeds guaranteeing 13% interest rates.  Mr. Adams pleaded guilty in U.S. District Court to one count of wire fraud.  The Justice Department said in that case Adams defrauded 250 investors of more than $100 million.
The SEC asked U.S. District Judge Carlton Reeves to appoint a temporary receiver for Lamar Adams and his company Madison Timber Properties. in an emergency motion submitted on April 10.  The SEC argued a receiver was needed so the defendants' assets could be "preserved" for distribution to the victims.  The request states that a receiver will submit a report within 60 days stating how the assets will be distributed to the victims. The Commission also argued the assets gained through the fraud should be protected from a "race to the courthouse" since some victims are filing lawsuits.

However, Secretary of State Gilbert Hosemann filed a motion to intervene Friday opposing the SEC's motion to appoint a receiver.  Mr. Hosemann said the defendants are Mississippi citizens, as well as a large number of the victims.  The alleged violations are also violations of the Mississippi Securities Act.    His motion asks the court to appoint Derek Henderson as receiver.  Mr. Henderson is a bankruptcy trustee in Jackson.



Judge Reeves held a hearing on the dispute Friday and said that he will appoint a receiver.  However, Judge Reeves is apparently putting out the job for bid:

After considering the written and oral arguments of counsel, the Court believes  that the fairest method of selecting a receiver is as follows. On May 31, 2018, the Court will enter a Request For Proposals Order soliciting bids for the receivership and the receiver’s primary counsel. By close of business on May 29, therefore, the parties shall submit draft RFP Orders containing the receivership application and schedule they propose the Court adopt.
Stay tuned. 

 Earlier Posts
McHenry sues Lamar Adams, claims he was duped.  
A look into how the timber scheme worked.
SEC opposes Delbert's opposition.  
 SEC wants receiver in Ponzi scheme case, Delbert opposes.
Victim sues Timber Trolls 
Lamar Adams pleads guilty.  
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!!!


20 comments:

Anonymous said...

Is this a turf war pissing contest? I mean, we are talking about peanuts to be "preserved" under a receiver are we not?
Trying to understand why Digbert is fighting this.....politics?
Somebody more familiar and astute at the legalities and process help me out here.

Anonymous said...

Can they claw back the money he and his wife are credited with gifting to Ole Miss foundations? The money is still there.

Anonymous said...

I LOST Money big time ($ 63000.00) investing in Lamar Adams Timber securities. Can I deduct the loss on my 2018 Federal Taxes or should I wait to see if I receive any retribution?

Commenting for a Friend said...

Cha-ching, the lawyers are running up their meters.

Anonymous said...

Time for the Loyalty Foundation to voluntarily disgorge all contributions made to it by Lamar Adams or any family members of Lamar Adams. Same goes for any contribution to any other state university affiliated foundations. They should not wait to be asked. Interplead it immediately with the USDC where the case is pending.

Anonymous said...

Sec. Hosemann wants to have a local receiver, because the SEC takes FOREVER to distribute any proceeds to investors. YEARS.

He is hoping what little funds retrieved can be returned a bit more timely.

Anonymous said...

This isn’t just MS interest

Anonymous said...

Why is a receiver needed when there will nothing to receive. You can’t receive blood out of a turnip

Anonymous said...

1. Filbert: how will this benefit me? 2. Filbert: how will this benefit my lawyer friends? 3. Filbert: how will this benefit my financial interests, ya'll do know I own commerical real estate, right? 4. Filbert: how will this benefit my friends at the club? Can't be messing up my golf game. Oh wait, what about my friends at the hunting club? Can't forget about those ducks. 5. Filbert: how will this benefit my huge ego? 6. Filbert: how will this benefit me? oh wait, I already asked that question... Screw the citizens of Mississippi. Wait,what? you mean I'm supposed to protect the citizens from fraudulent investments? How in the heck am I supposed to do that? I'm a politician, I only work here. I'm earning my PERS pension. Wait, you mean my staff should have caught this? How? What staff? You mean the Asst Sec of States we pay over $90,000 a year? Pssshh, thats not their job. Their job is to oversee how many vacation days employees and directors take each year. Fraud? Why there is no fraud under my watch, I'm filbert hosemann.

Anonymous said...

@3:20

That’s your own dumbass fault. If you’re stupid enough to trust Lamar Adams, then you deserve to be robbed. No one with a lick of sense invested in Lamar. The majority of investors were idiots with trust funds.

Anonymous said...

Attn 7:56, I am sorry you got sucked into this deal. Talk to the Country Club of Jackson, and they may make some concessions since obviously you will not be able to live the "life style" you were promised when you graduated from Ole Miss. I don't think I would blame Delbert for your egoistical stupidity.


Anonymous said...

to 3;20pm ......... you have already proved how stupid you are by getting bilked in this scam. and you choose to prove it again by coming on this thread and asking for professional advise regarding taxes. does somebody tie your shoes for you each morning ? is that how they taught you investing and taxation at your beloved SEC university?

Hunkered down said...

Has anybody heard or seen the 4 recruiters?

Anonymous said...

I can't help but think that the SEC will tear through the entire organization and indict everyone involved, while the SOS will be a little more shall we say forgiving of certain friends and acquaintances that may be only a little bit pregnant.

The Feds need to handle this.

Anonymous said...

I heard some of these people were told they could pay taxes if they wanted to, but it was not being reported. If some chose to not pay the taxes, they may be subject to IRS and possibly criminal charges.

Anonymous said...

Delbert has no one left, except for maybe one person, who knows jack about securities and fraud. He's run off everyone with any experience in his Securities Division.

Anonymous said...

Securities Division? Hell, Delbert has run off everybody of any abilities in all divisions. If you don't agree with Delbert, and acknowledge that because he is (IHO) the smartest person in the discussion, and that his opinion is the only one that matters, you don't stay.

If you check the records since he started as SOS, all the smart ones have left on their own - decided there was no reason to spend time in that office where their abilities were not wanted, or accepted. Securities Division is just like all the other divisions, and the administrative staff.

Anonymous said...

Has anyone else noticed that Doofbert is being photographed in about a hundred different locales with folks he really has nothing to do with? Is he spending tax dollars to do all this travel to run for his next office? Where's Pickering? Sheesh. Who's minding the freakin' store? Lynn Ditch is doing the same thing and she's supposed to be the Treasurer.....spending other people's money to promote themselves. What a bunch of posers....all the while, Mississippi needs new bridges and roads everywhere.

Anonymous said...

You're surprised that Doofus is getting his picture made in venues that have absolutely nothing to do with his office? Must not have been watching too closely the past several years - Dilbert thinks he should be in charge of everything - he is, of course, the smartest man in government, or anything else for that matter - so while he has nothing to do with where he is, he wants to be over it.

Running for office - Lord please help us if he gets elected to anything important.

Anonymous said...

But why is he allowed to campaign on the taxpayer's dime?

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