More lawsuits will be filed as part of the SEC's attempt to recover money for victims in the Lamar Adams fraud case. SEC Receiver Allyson Mills made the announcement in the fourth bi-monthly report she submitted to U.S. District Judge Carlton Reeves Wednesday.
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, deeds, and promissory notes 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 320 investors of more than $164 million. The Court sentenced Adams to serve 235 months in prison
U.S. District Judge Carlton Reeves appointed attorney Alysson Mills to be the receiver in the case. She is recovering assets, distributing them among the victims, and providing progress reports to the court. Mills sued to recover commissions and damages from several "promoters" as well as Butler Snow and Baker Donelson.
The report (posted below) gives an update on various lawsuits, accounting, and settlements. Most of the updates have been reported on this website. However, there is a nugget of new information in the report:
I intend to file additional lawsuits against third parties that contributed to the debts of Madison Timber, and therefore to the debts of the Receivership Estate, so long as new information justifies it. To protect the Receivership Estate’s position, I am not disclosing publicly third-party targets.
I intend to file additional lawsuits to recover commissions, fraudulent transfers, and gifts as necessary to recover money that belongs to the Receivership Estate.
Readers can expect one or more new lawsuits in the next 60 days.
Ms. Mills states she has recovered nearly $4 million for the estate.
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Flashback Friday
Clearcutting the timber.
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TIM-BERRR!!!
14 comments:
Popcorn! Need more popcorn!
Lots of puckering in the Jackson metro after this bombshell...
Either measure, long way to go.
SEC: $4m recovered/$85m swindled = 4.7%
Justice: $4m recovered/$164m swindled = 2.4%
How does McHenry continue to escape the radar of justice? Before you know it, he will be long gone, his whereabouts unknown.
Ms Mills' intent to seek recovery of gifts might mean at least two more expensive homes will be sold - the houses gifted to the Adams' children. The sins of the father will be visited upon the third and fourth generations, or words to that effect.
I saw on Bill McHenry's facebook page he recently requested that, for his birthday, he wanted contributions made to St. Judes in Memphis. As of this morning there had been a grand total of $1.00 contributed in his honor. Don't forget to go after this. This is actually true, look it up.
Lamar, Lamar, Lamar
You can't take rich folks money & get away with it.
Keep to the poor folks.
I did check out McHenry's FB page. Not much activity lately. Maybe he's busy unscrewing the chandeliers and removing the marble terlets. Canton has a number of pawn shops.
Did I read the suit right? She is negotiating $16,000,000 return of commissions from Billings???? He made that much off this scam???
Uh-oh...
This doesn't read well at all. I have no idea what readers may or not recall but such presumptions seem out of place here. I would have expected better, but it is what it is. I'm not going to get to picky because every lawyer has a bad day. If this were mine, I'd re-read it a couple of times, learn, and move on. I wouldn't do it again.
Not to burst anyones bubble about FB fundraisers, but one might want to check out how this works. FB contributes the first one dollar donation to start the fundraising goal. Know the facts before posting snarky comments.
Attn 10:58 Thanks McHenry and happy birthday. Some people should not post after a long night out.
McHenry is getting his ducks in a row. His lawyer can now tell the court, "Your honor, my client is actually a fund raiser for a childrens' hospital"....
Mrs. Adams may have to resort to the world's oldest profession by the time they're through with her. Can see her now, applying her wares at AJ's in Destin.....until cha-ching! She hooks, gaffs, and lands a whale to take care of her.
The government settlement agreement with Mrs Adams says:
The receiver shall retain all property of any type or description acquired by Mr. and Mrs. Adams from the date of their marriage through the date the agreement is executed, save assets separately acquired by Mr. Adams or Mrs. Adams from other sources.
The Adams family home in northeast Jackson shall be sold, with the first $200,000 of net proceeds allocated 50 percent to the receiver and 50 percent to Mrs. Adams, the next $20,000 of net proceeds allocated 100% to the receiver, and any net proceeds in excess of $220,000 allocated 90 percent to the receiver and 10 percent to Mrs. Adams.
Hinds County tax records have the property appraised value at $304,310.
The Adams' condo in Oxford, shall be sold, with the first $145,000 of net proceeds allocated 90 percent to the receiver and 10 percent to Mrs. Adams, and any net proceeds in excess of $145,000 allocated 50 percent to the Receiver and 50 percent to Mrs. Adams.
The 2018 Lexus LX 570 titled in the name of Mrs. Adams shall be sold, with 65 percent of the proceeds allocated to the receiver and 35 percent of the sales allocated to Mrs. Adams.
The Hartford Life and Annuity Insurance Company Policy, No. IU3153772 shall be liquidated, with 25 percent of the proceeds allocated to the receiver and 75 percent of the proceeds allocated to Mrs. Adams.
Certain pieces of jewelry shall be separately allocated between the receiver and Mrs. Adams.
Furniture, fixtures, and equipment located at the Jackson and Oxford properties shall be separately allocated between the receiver and Mrs. Adams.
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