Thursday, February 21, 2019

Wife's Tree Falls in Lamar Adams Case

Riding high in April, shot down in May.  The classic lyrics perfectly describe the crash of Lamar Adams and his fortunes as his wife will only get to keep a pittance of what she once had.  U.S. District Judge Carlton Reeves approved a settlement agreement between SEC Receiver Alysson Mills and Vicki Adams Tuesday.  

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 Receiver and Mrs. Adams will sell various assets and divide the proceeds from their sale.  The main terms are:

*The Adams home on St. Andrews Drive in Jackson will be sold.  The first $200,000 of the proceeds is split equally between Mrs. Adams and the Receiver.  The Receiver gets all of the next $20,000 and 90% of all proceeds above $220,000.

*The Oxford condo mentioned by so many readers will be sold.  90% of the first $145,000 of the proceeds goes to the Receiver.  Mrs. Adams and the Receiver will split any proceeds above $145,000 equally.

*Kiss the Lexus good-bye.  Mrs. Adams has a Lexus 2018 LX 570.  The "has" will soon be "had" as Mrs. Adams agreed to sell the Lexus.  She will keep 35% of the proceeds.  The retail price was over $80,000 when it was brand new according to Edmunds.

*A Hartford life insurance policy will be liquidated.  Mrs. Adams will get to keep 75% of the proceeds.

*The Receiver and Mrs. Adams will split the jewelry, furniture, and equipment of the home.

Mrs. Adams warrants that she had no knowledge of the fraud or her husband's illegal "activities."  The order also states that she intends to file for divorce (bottom of p.4).  No petition has been filed in Hinds County Chancery Court.

Related Posts
Butler Snow Asks Judge to Dismiss SEC Complaint in Lamar Adams Case.  
Ole Miss Repays Money in Lamar Adams Case 
Receiver sues Butler Snow & Baker Donelson
 Lamar Adams swindled over $164 million from victims in Ponzi scheme.  
Billings Battles Receiver 
Receiver goes after millions in commissions in timber Ponzi scheme.  
Receiver records $2 million.  
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.


Cynical Sam said...

Sorry Missy, but you hitched your wagon to the wrong mule.

Ps, no one will recognize you at WalMart.

Anonymous said...

how many Rolexes did the kids get?

Anonymous said...

Wow, she's going after the spousal assets linked to the fraud!! This Alysson Mills really means business! Will she do the same to Jane Alexander's assets once the hand of justice reaches Brent? Don't touch that dial....

Anonymous said...

Did either Lamar or Mrs. Adams ever, or at least for last 10-20 years, have any legitimate source of any income? Did she have any sort of outside income? If there was no other source of income, she ought to feel thankful she is getting what she is getting.

As an aside, and having some basic familiarity with these sorts of agreements, supposedly the contents of each the primary residence and the Oxford condo ("FFE" in the agreement) had a aggregate value of less than $5000 each. I understand that it being listed in the agreement as such doesn't mean that they only spent $5000 or less on it all, but sheesh, no art, even "redneck rich" "art" to impress the other redneck rich in the Adams' circle? No "family antiques," silver, portraits, etc. from Royal Street in NO? Not even any _guns_? If $5000 in each, $10000 total, is really an accurate representation of the value of the contents, I am truly amazed.

Anonymous said...

She should have been subjected to a lie detector test prior to this settlement agreement. I, for one, do not believe that she is "innocent" in this massive fraud. And what about the expensive homes that the Adams purchased for their son and daughter? Will those houses be sold, too? I hope the Receiver claws back every penny she can find.

Anonymous said...

Is redneck rich art a velvet Elvis? Thank you very much.

Anonymous said...

She'd be better off not filing for divorce. To do so would make all of her "assets" - whatever she got to hold onto in this agreement - subject to a split between her and Lamar. Not that it is likely that a Chancellor would give him half of what remains, but it is certainly possible.

Anonymous said...

What the latest with the Fabulous Baker Boys and the Lord Snow Dudes that were involved..........anybody know?

Anonymous said...

Poor Vivie. My heart bleeds for her having to give up her 2018 Lexus SUV. Maybe she can buy a new one with her half of the house sale so she can live in it.

Who gets the Yeti coolers?

Anonymous said...

If she is innocent, I feel sorry for her. I remember the Ed Cates "death" fake case. His wife suffered much more for his misdeeds than he did. There are some crazy people in this world.

Cynical Sam said...

Is this the Lexus with the "Salt Life" stickers on the rear window?

I bet the guest book at the condo is like a hooker's black book. Pure gold.

Anonymous said...

Y'all are vicious. I don't know these people, but goodness, the family may have had no idea what daddy dear did every day when he went off to work. Many prayers for your pure and innocent hearts, and may no misfortune every befall you, lest you see how it feels.

Anonymous said...

If these assets were acquired with ill gotten gains why should Vivie, or what ever her name is, be entitled to anything at all from the liquidation of these or any assets? All that says is she is going to benefit from the crime her husband committed! !

This is crazy !! She can get off her ass, get a job doing whatever it is she knows how to do. Then maybe she can get herself an apartment somewhere and buy her poor helpless self some groceries or go apply for a SNAP card.

Anonymous said...

so when's the auction?

Anonymous said...

12:30 - "poor family" Hell! Daddy didn't 'get up and go to work every day'; all he did was get up and go hang out at the Country Club, or some fancy restaurant, or hob nob with folks with money - and enjoy spending other folks money.

He wasn't out traveling the state/country looking for timber tracts and dealing with the owners. He might have spent some time at a laptop making up deeds and forging names, but that doesn't really take too much effort (or so I've been told.)

The only other "work" he had to do was shuffle the dollars between banks so they couldn't figure out his scam - and write checks to one set of folks with other folks money.

Hell - doesn't know what daddy did at work. You think they didn't ask, or wonder, when he all of a sudden became cash rich with money to burn, when he never had a legitimate source of income before?

Anonymous said...

I agree with 1:40. Why should get anything from the liquidation of assets? Why is she so deserving of anything?

Anonymous said...

She should have hired Blackmon she would have gotten more.

Anonymous said...

Shame on all you holier than thou people. Vicki Lynn goes to my church, and I KNOW that she has for years volunteered her time to fill in for staff that was out. Last I looked, the Bible said - Judge not, lest ye be judged. Until you've walked in someone else's shoes, you don't have ANY idea what goes on in a marriage.

Anonymous said...

5:13 PM, good points. Hey! There's a big yard sale in CCJ this weekend. Plenty of shoes for sale. Might be a good way to walk in her shoes. I don't fit well into stilettos but I have a feeling she had it perty good.

Anonymous said...

Why does she get any money?

Anonymous said...

5:13 PM She has been living high on the hog on the life savings stolen from regular church going Christian folk.

Bless your heart.

Anonymous said...

So what you’re really trying to say is that the receiver should’ve scoured the church’s financial books as well.

Anonymous said...

If Lamar has any sense, he moved some assets overseas.

Anonymous said...

Attn 5:13, Which church did you go to with her? I don't remember in these legal briefs any attempts to recover money from these "Churches". Surely, she has the talent to "answer a phone at a "law firm", or sweep out a shop. By the way, you don't have to drive an $80,000.00 automobile to do those jobs.

Anonymous said...

@8:27--I think all @5:13 was saying is that in her personal experience with Mrs. Adams, she seemed to be a nice person who was active in her church and did volunteer work. Why don't you tell us what you PERSONALLY know from your contact with Mrs. Adams? Or maybe any time any person is convicted of a crime we should just condemn the whole family and put them all in jail. Wait, that won't work--then people like you wouldn't have anything to post snarky messages about.

Cynical Sam said...

There could be a movie, but "The Adams Family" was already taken.

Anonymous said...

I'm curious:

If some con artist looted your retirement account to fund his or her extravagant lifestyle, got caught and gave a lot back, but their possibly-unknowing spouse was allowed to keep some of your retirement money, would the knowledge or lack thereof of that spouse affect your desire to see every possible penny returned to your retirement account? Would you be OK with that spouse keeping some of it so they could "manage?"

Hey, maybe some of you would and that is very magnanimous, but the simple fact is that if - IF - none of what she is retaining was honestly and legally-earned, she really isn't entitled to keep any of it unless those to whom it rightfully belongs agree to it.

That said, I suspect, but do not know, that Ms. Miles weighed carefully the potential outcomes of the situation and agreed to a deal that was reasonably foreseeable to be in the best overall financial interests of those to whom Adams conned. I guess I'm not sure what the point of contention is as far as that aspect of this mess.

Anonymous said...

who gets the 900$ yeti cooler?

Anonymous said...

I bet she has at least a million in jewelry stashed somewhere.

With eBay and the like she will be able to “earn” a comfortable living one diamond broach at a time.

Wonder what her eBay handle is?




Anonymous said...

Thank you 11:11. Couldn’t have said it better myself! Makes me boiling mad to know that she’s keeping a penny of this money! Who says crime doesn’t pay? Certainly not Vivie!

Anonymous said...

I mean, I don't wish her death or serious suffering.

But that's the point, isn't it? She's not really going to suffer. She's going to walk away with a couple hundred grand at least, and --at absolute worst-- have to live in a modest, clean house and maaaaybe get a job.

Her rich friends will still be there, taking her out to eat at places working folks can't easily afford.

Overall, her life will continue to be vastly better than most Mississippians. Thanks to a massive fraud that hurt lots of innocent people.

And let's be real: She had an idea something was up, but knew enough to keep her mouth shut.

Anonymous said...

Lots of jealousy coming to the surface here. You people don’t care about the victims. You just wish you had money.

Anonymous said...

Basically no difference in this and what Scott Sullivan did as CFO of WorldCom. That affected way more people that this Ponzi scheme and Sullivan for all intensive purposes got away with it while Ebbers is in prison.

Sullivan should have been crucified.

Anonymous said...

11:25---u are sooooooooo right!!! hate what happened and know NONE of these people---but u stupid ,broke, redneck, jealous sob's take the cake!!

Anonymous said...

5:13, I'm glad she went to church. I'm happy that she was a good, or great, member. It makes me feel really warm to know how much she volunteered at church, and for that matter, anywhere else.

But that has not a damn thing to do with whether she is entitled to keep a dime of the ill-gotten games that she, her crooked husband, and her children and their families have enjoyed for the past few years.

Any dollar that she gets to keep, or any "household items" of the $5000 total value that she is claiming, that was a result of her husband's crooked scheme, is wrong - her church membership, your friendship, or anything else.

Frankly, I'd be glad to have her situation for myself. Lived damn nice for ten years, walking away with that without the scumbag that I had been married to and not having to worry about seeing his sorry ass again since he will be in the pokey somewhere, and have several hundred thousand dollars in my back pocket (or LV purse, or wherever she chooses to stash it.)

Not a bad deal for her. Maybe she will continue to join you at church and continue with a nice tithe of this windfall.

Anonymous said...

She came into the marriage with some family money. Her money most likely paid the down payment on the house, bought some furniture, etc... The receiver is not being generous and "giving" her money that was made illegally.

Anonymous said...

Vickie Lynn was not ignorant to anything, can’t convince me if that. While she was a rude bitch looking down her nose at everyone she wasn’t stupid to her husband playing golf daily at CCJ and betting thousands on a golf round. She acted like she was high and mighty, she deserves everything she gets. She sure didn’t mind all the trips she went on while not having a job and her husband playing his golf. Not surprised TK was involved. Makes me wonder about his other daily golf partners!

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