Note: Just a quick update on the Lamar Adams case.
Several ministries will return several hundred thousand dollars of donations from Lamar Adams and accomplice Wayne Kelly. The donations are part of funds the two men obtained through operating a Ponzi scheme that sold phony timber investments.
The SEC is trying to claw back illegal profits earned by Lamar Adams and promoters of a $164 million Ponzi scheme based on phony timber investments. Receiver Alysson Mills represents the SEC. She will recover assets, distribute them among the victims, and provide progress reports to the court. Mills sued to recover over $16 million in commissions from several "promoters". The promoters allegedly helped Adams sell his phony timber investments to unsuspecting investors. Adams is currently incarcerated in federal prison after he pleaded guilty to one count of wire fraud. The case is assigned to Judge Carlton Reeves.
Wayne Kelly was a promoter of the Ponzi scheme and received millions of dollars in commissions. He agreed to return $2 million to the Receiver.
11 comments:
Both of these are based in Texas. Berachah and RM Thieme have the reputation as being "cultish". I wonder if the duo had to make some donations to "da buildin' fund", to secure a few high dollar investors in the Texas scene?
When does the receiver put her claws in Alexander and Seawright?
@8:20 AM - either that or their "business jet fund."
Easy to be a big shot with other peoples money.
@8:20 AM Berachah's church is on land adjacent to the Galleria, and it's been there longer than the Galleria. If they wanted a building fund, all they'd need to do is sell their land and I'm sure they could build a nice new church on cheaper property somewhere else in Houston.
someone please answer me this. adams and ebbers/ worldcomm both perpetrated a fraud. why wasn't there a 'claw-back' process done with worldcomm to compensate stockholders?
there wuz
11:08 AM - good point. I too would like to receive some clawback.
i would assume any money recovered/received for assets related to Ebbers/worldcomm fraud, went to debt holders first like any bankruptcy, etc.
there was no equity left for stockholders.
I also want to know when alexander and Seawright will be dealt with...
Wayne Kelly just sold his house in Madison (https://www.realtor.com/realestateandhomes-detail/196-Wrights-Mill-Dr_Madison_MS_39110_M77302-50300) records show it sold on 7/29. The house was solely in his name but think wife owns a house in Oxford still.
Post a Comment