SEC Receiver Alysson Mills filed her status report in the Lamar Adams case a week ago. The report is posted below.
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.
Kingfish note: If you've been reading the Lamar Adams posts, then nothing mentioned in the report will be news.
11 comments:
“I have continued to confer with the U.S. Attorney’s Office for the Southern District of Mississippi, the FBI, the Securities and Exchange Commission, the Mississippi Secretary of State’s Office, and the Mississippi Department of Banking and Consumer Finance.”
Sounds like we are about to see a battery of civil and criminal cases filed. One clear name is missing and two others are cooperating.
Since my recruiter is allegedly broke, I’m going after his collection of LV luggage, Mercedes and Gucci loafers.
I still would like to know if the banker brad Branscom from Grenada will come out in this? He was the one who founded Madison Timber and acquired the loan for Oxford Springs. By the way, what is the status of that development ?
Where is Bill McHenry taking his fall vacation this year?
@7:53 AM - you need to keep up. That development was seized by the receiver.
Butler Snow sure is quiet these days
They have a 100,000,000 in coverages
That’ll help
Still might be a few associated un-indicteds retaining some un-recovered funds who might be sporting tightly clenched sphincters I reckon!
Any word on what’s going to happen To alexander and seawright?
I would imagine the Oxford Springs development is on hiatus. Ole Miss only sold 31,000 season tickets, and about a third were torn up after losing to Memphis State in horrible fashion.
What's Ole Miss got to do with this whole ponzi thang? Well other than both being losers.
Hey 8:54...speaking of losers...what's the hold-up in getting that Dairy Queen in Starksville?
I hear the town is all a twitter in anticipation of that happening, but also that it may have to wait until sometime in 2022.
Nice win against that juggernaut ULL!
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