Lamar Adams had over half a million dollars in various banks when his timber ponzi scheme came to an end. The receiver in the SEC civil case filed against the convicted fraudster said she recovered over $2 million from various accounts and assets.
The SEC accused Lamar 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.
U.S. District Judge Carlton Reeves appointed attorney Alysson Mills to be the receiver in the case. She will recover assets, distribute them among the victims, and provide progress reports to the court. The receiver created a website that will provide updates on her progress. The website is Madisontimberreceiver.com. Ms. Mills provided more information in her report:
*The receiver deposited $2.156 million into an account at Hancock Bank. The receiver will use this account for the recovery of any funds. The report provides a list of funds held by Madison Timber Properties or Lamar Adams at various banks that were seized.
*Jackson attorney Lalli Evans Bass of Brown Bass & Jeter was retained to assist the receiver.
*Lamar Adams and his wife are divorcing.
*Madison Timber had $883,721 at Bank of Clarksdale, $356,223 at River Hills Bank, and $223,143 at Southern Bancorp Bank
*Lamar Adams' known assets (before the transfer to Hancock Bank) are:
a) Home on St. Andrews Drive. Purchased in 2011 for $364,000.
b) Oxford condo purchased in 2013 for $135,000
c) 2015 Ford F150 Truck, valued at $33,000
d) Harford life insurance policy surrendered for $167,206
e)Lincoln life insurance policy surrendered for $3,678
f) Jewelry estimated at $40,000
g) Firearms estimated value is $10,000
h) Delta Farmlands Investments, LLC, Purchased land in 2014 in Oktibbeha County for $2.8 million. Trustmark has a note on property. Balance is $2.2 million. 1/3 interest The other members want to sell the real estate and dissolve the LLC.
i) KAPA Breeze LLC purchased land in Florida for $1.9 million in 2017. Balance of Jefferson Bank mortgage is $1.365 million. 1/4 interest The other members of LLC want to buy out Adams and a recruiter's share of the LLC. The receiver will determine what the fair market value is for the shares.
j) Mallard Park LLC purchased 1,723 acres in Humphreys County in 2016 for $2.6 million. Balance on mortgage held by Southern AgCredit is $2 million. 1/4 interest
k) Mash Farms LLC bought over 800 acres in Sunflower County for $1.6 million in 2014 . The mortgage held by Trustmark is $1.6 million. 1/4 interest. This is a hunting camp. The other members would like to buy Adams' share. The receiver is amenable to the sale if the price is fair market value.
l) Oxford Springs LLC bought over 2,300 acres in Lafayette County in 2015 and 2016 for $6.158 million. First Bank of Clarksdale finances the sale. The balance on the mortgage is $4.4 million. 47.5% interest
m) 707 LLC bought over 263 acres in Holmes County in 2009. The balance on a mortgage held by First Commercial Bank is $368,000. The other members want to sell the land and dissolve the company.
*The receiver declined to provide a list of known investors in Madison Timber Properties "out of respect for their privacy."
*Ms. Mills will file lawsuits to recover commissions, fraudulent transfers, and gifts.
Earlier Posts
Lamar Adams Sentencing Postponed
Federal Home Cooking in Lamar Adams Case?
Tree Falls Against Pinnacle in Lamar Adams Case
WSJ Blasts Judge Reeves in Lamar Adams Case
Judge to SEC & SOS: Not so Fast
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!!!
65 comments:
Biggest news out of all that is the dee-vorce.
who is mowing his yard now?
This recovery means that for every $100,000.00 "invested", there has been only $2300.00 (2.3 %) recovered. And, this is before expenses, and the expenses will be substantial. Of course there are other possible recoveries and definitely more investigative charges.
BACK ON MAY 2 2018 at 10:52 i told you how to spot a lamar adams..........."he will be driving a 90,000$ pickup truck festooned with stickers for yeti coolers, some sec university, salt life..............' well just look at the receivers report and you will see where he owned a late model ford f-150 king ranch edition. con artists like him stick out like a bagel in a bucket of grits. and people in ms swallowed his con job, hook ,line and sinker.
Luckily, he won't need any of those assets in hell.
The CCJ wife lost her sugar daddy and money tree, so under the bus he goes? Asking for a friend.
Seems well done so far. I hate it for the investors. I would love to hear how the recruiters compensation was calculated and paid. How could this not have sent up a red flag for those guys? Blinded by greed?
Lawsuits to recover commissions...lawsuits to recover gifts to family...lawsuits to recover fraudulent transfers of wealth...what a damn mess.
Poor Vivie had to give up her jewelry! I'm sure some of that was cheesy disco nugget jewelry, though. Lamar strikes me as the kind of guy who would wear that tacky crap.
Does that F-150 include the Yeti coolers that are certainly in the bed?
F this guy and his $1.6 million hunting camp. If this guy doesn't go to jail then there is no justice.
I think I'll stick with my Alpaca farm - thanks!
It’s surprising how little cash he had on hand, especially considering that he paid at least $5 million to two recruiters in 2017. It looks like this thing was about to blow up anyway.
pennies on the dollar-
In a real estate transaction, everyone thinks the Seller pays the real estate commission, at least that's what the listing agreement says. In reality, the Buyer pays the commission because that's where the money comes from. Warning to all the real estate agents and brokers who were paid a commission on the purchase and sale of any of those properties: get ready to write a check to the Receiver!!
Man that sucks for his major salespeople.....if baker made a dime from this....they will get sucked into a whirlpool of a mess
adams took me for 50,000$ , but ill be happy if i get back 49.95$ soes i can buy a new yeti cooler sticker for my truck.
11:47 AM
that's a good point. And that stretches to title insurers and on down the line.
the receiver gets to go after stuff like the ripples from a rock thrown in a pond....how far those ripples stretch is limited only by her imagination.
sort of fun to watch...unless you know some victims....then its just sad.
Hey 10:59, the investors with H.C. "Buster" Bailey fell right into his spell. By the way, Buster drives a VOLVO.
At closing you sign a real estate form stating you won't sue the real estate company for any reason.
Are the investor names KF beyond a FOIA reach?
I don’t think it’s Lamar will be suing the company 12:44, geez
Vicki sounds like my mother in law. My father in law never broke the law but when the real estate market crashed and he lost his plane and everything else she was out the door super quick! Mumbling about his gambling and drinking ways acting like she never had any idea he was going broke. Bottom line is this boys - when the going gets tough the ole lady is going to get going. Had kids together? 40 years together? You let her spend every penny while you had it?
Nothing keeps them around like that green.
The Buyer and Seller sign that form, sometimes, and the Receiver sure didn't sign it. The Receiver can go after any and all commissions. Better get your money together. Good try though.
12:44,
I've been selling commercial real estate for 50 years and have never seen a form like you speak of.
12:44 What dies a "real estate company" have to do with this?????
His "major salespeople" were parties to a fraud. Why should it suck for them? They deserve no pity.
The lawn service payment was most likely from him having paid his lawn man for a one year contract; after news broke the lawn man probably quit maintaining the property and it was found out that Adams has prepaid this guy; the money was tracked down and ordered to be paid back; sucks for the lawn man
12:44 - any form, contract or document you sign depends on how the judge or jury interprets it. Hell, They can tell you its not worth the sheet of paper its written on and to take it to your bathroom because you might need it there.
HA!!! This scam cost some of y'all bastards more than a Nigerian Prince email would have!
Wonder how much the Receiver charged for 2 months of work and that 19 page report that shouldn't have taken more than a week. It contained little more than info found from searching the Secretary of State's website and a couple of counties land records. A first year law student could have done that. That's the sad part. Only the lawyers will benefit from this.
12:44 --- ......'and?'
You can sign all kinds of forms, but that doesn't mean they override state or federal law.
And, who was it that signed the forms, vs who will be the one suing the real estate firm? Not one and the same.
So, come back again with a better argument to try to save your 6%.
I am amazed he was allowed to buy so much with so little down.
Alexander and Seawright have to be sweating pretty profusely about now. Lamar is naming names.
Lamar Adams and his wife are divorcing.
Way to stand by your man, Vivie. I guess when he isn't supplying you with $40,000 worth of jewelry and trips to the All Star game to see "Papey", it's time to find someone else.
Of course her new beau will have to provide her a fancy car, lots of jewels, and plenty of spending cash, because that's what Vivie is all about, apparently.
Makes you wonder how much in commissions were paid going back to 2005. That will hurt having to pay that back..
I have no memory of that form, 12:44...but, I do sorta remember signing my name nineteen times in each of five or so of those transactions. So, it's very possible that I signed a form giving my new neighbors the right to use my shitter at will along with providing a key under the door mat for their use into perpetuity.
It’s one thing to leave if times get tough financially or emotionally. But her leaving him after finding out he’s a ding crook is okay with me. That’s assuming she knew nothing about the alleged crimes;)
I don't know the Adams, but it's interesting that many jump on the wife for leaving. I'm not advocating it, I do know that I handle all of our finances, so if I were doing something shady, my wife would never know. She would be completely surprised and I can't really say what she would do, but if she left it wouldn't be because the gravy train stopped, it would be because I was not the man she thought I was...
@4:34 PM - The crimes aren't ALLEGED. He pleaded guilty.
Why didn’t investors get a title search done?
So in the divorce settlement, who gets the Yeti cooler?
Going to be tough for the Ole Miss Athletic Foundation to get any of that money back from A.J. Brown and those other recruits. After all, cash in a brown paper bag is really hard to trail.
Why are all of the banks small banks in the Delta? What is the Delta connection on this, was he from the Delta originally?
I've been married to the same woman 45 years....I've been broke three times....guess what....she is still right by my side. Riches to rags and rags to riches should not make a difference if it's true love.
A person, down deep, knows if his Bride will be there thru thick and thin.
Is Buster Bailey really a Ponzi Star ?????????????????
The answer is YES !!!!!!!!!!!!!!!!!!!!!!!
Just took the time to read it. Last page references potential defendants attorneys. So there is more to come and as expected people have lawered up.
I spotted some of Mike Billing’s Becky Vizard Pillows on eBay.
Lamar’s Rolex would have been worth more but he bastardized it by swapping out the band with a gold nugget bracelet.
My prediction:
She will sue all downstream and there will be many a bankruptcy filed.
Currently Rolexes and Cartier jewelry are being buried with cash near a fence post in Maine.
Wonder if the Wickers are getting anything back.
5:59...Wm B. McHenry is a Greenville native.
On a different note....If a guy at the bank defrauds the bank and pays me $3000 to prune all his trees and bushes, landscape the back yard and paint the garage....I can't see how an appointee of the court can demand that I give the court that $3000.
If so, the checkers at Kroger will be asking customers if they stole the money they're using at checkout.
Most jewelry has a notoriously bad resale value. We'll see if they get half of that 40K at auction.
One thing for certain, "Vivie" ain't gonna get nothing in the divorce. The receiver is getting everything. Not sure how she'll make a living unless she moves in with the kids.
Maybe she has one of those money losing side businesses that so many well to do wives start with hubby's money to keep themselves occupied, like tennis dress embroidery or hand-painted picture frames.
August 23, 2018 at 10:53 AM Anonymous said...
"This recovery means that for every $100,000.00 "invested", there has been only $2300.00 (2.3 %) recovered. And, this is before expenses, and the expenses will be substantial. Of course there are other possible recoveries and definitely more investigative charges."
Anony 10:53, the claw backs haven't started yet. Think about all of the folks who got their principal back plus the 13%. Would hate to be one of those people.
As for the lawyers involved in peddling Lamar's timber scam, the one’s that if anybody should have known better, they should have, let’s just sit back and see how their situation plays out in this good ole boy state full of corrupt judges and lawyers. If they’ve got friends in high places, like the white collar thug Richard “Dickie” Scruggs types, at most they will spend a little time in one of those federal country clubs and before you know it, they’ll be out running their mouths again, just like ole Dickie!
I'm looking to buy a slightly used late model Ford F-150 pickup. It should be loaded with options and have never touched mud (the kind you would find on a timber farm). I'd really like it to have Salt Life, Yeti or Costa stickers on the rear window, to give it a touch of class.
Anyone know where one's for sale?
I'll pay cash once the EZ Credit place approves my payday loan, but I'd rather trade straight up for these lucrative timber deeds I'm holding. They're worth at least $100,000.
P.S. I'll also consider trading these timber deeds for some swanky nugget jewelry.
Why are so many people happy that Mrs. Adams is suffering the consequences of her husband’s crimes? Pathetic.
10:39. Because this site and its readers love circulating misery. Can't even imagine a stable person enjoying what she and her family are enduring. No worries, though. God is watching, and my money is it will all even out one day.
Lamar is from indianola, ms.
I have a friend who embezzled 1 million dollars and she honestly didn’t know. He was attorney sand told her he had obtained some good clients. They lived life keep up with the Jones but not ridiculous that she really noticed anything. I believe that is she would have known 200 million. Just because divorce that wife can’t run from all these allegations and possibly IRS. I don’t see anyway this Golden Wife is innocent, did she just turn her head and enjoy? He they remodeled that house. You know she had grass cutters she didn’t want to dirty that watch putting out pine straw, she was on the JCC tennis court in her design outfits. No pity here for her. All I can say money doesn’t just fall out of the sky and divorce doesn’t show innocence.
August 24, 2018 at 11:07 AM = Extremely loyal JJ reader!
The "receivers" $4.4 million has to be just as dirty as the Ole Miss Athletic Foundation's $100,000. Matter of fact it is my opinion they are in it up to their eyeballs.
Geez 11:29, put down the bottle and open the blinds.
to 11:07pm , if you feel so sorry for the adams family , go over there, take em in and let them live off you. somehow i dont think you will be on your way over there to do a "rescue" anytime soon.
What about all the other real estate he paid for to hide the nasty money! Why is it not on the list of assets? Look around and it should be easy to find. No one is talking about where all the families live. What a scum bag pile of S&$T this loser is. He has been a scum bag loser all his life and now the world knows and will come DUNPING down on him. I would bet good money this dick weed is still living under a bed in his Country Club house. Who is going to bring him his whiskey and steak ever evening now that VicVic has checked out?
Price Out, you prick!!!!!!
to 1:57pm....... you are living proof there is nothing that you SEC pretty boys cant tie into your chicken shit college football.
@6:55am Uh, got nothing to do with football, rather the university is up to their eyeballs in the stench of it all, and that's more than likely.
5:59, do you have any proof the University knew Adams was donating stolen money? Doubtful. Just more ignorant Ole Miss bashing.
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