Highlights:
- Receiver sues Trustmark, Riverhills Bank, & Southern Bancorp in Lamar Adams case
- Adams used Trustmark for his primary accounts from 2009 - 2016
- Trustmark officials helped Adams until compliance officer raised questions
- Receiver says banks knew no timber income was received despite hundreds of millions of dollars flowing through Madison Timber accounts.
First Butler Snow and Baker Donelson, then Bankplus, now Trustmark. Do not let it be said that Alysson Mills is afraid to take on the big boys of Mississippi as she seeks to recover the money Lamar Adams ripped off from investors in his phony timber investment scheme. The SEC-appointed Receiver sued Trustmark and several other banks in U.S. District Court yesterday, arguing the defendants knew Adams was running a Ponzi scheme and should be held responsible. The case is assigned to U.S. District Judge Carlton Reeves.
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 in recovering assets for later distribution to the victims. Her efforts include suing promoters who received commissions as well as the Butler Snow and Baker Donelson law firms. Adams is incarcerated in federal prison after he pleaded guilty to one count of wire fraud.
Trustmark
Lamar Adams used Trustmark for the primary banking activities for himself and Madison Timber from 2009 to 2016. His bankers at Trustmark were Bennie Butts and Jud Watkins. The Trustmark officials were also his close friends as they met socially on a regular basis. Adams brought them land deals involving his various LLC's that were separate from Madison Timber.* Trustmark in turn allegedly financed these deals. Adams bragged about his relationship with Trustmark to his business partners in these deals (#33). Indeed, the Timber Trader was gracious to Trustmark:
34. To Trustmark, and to Bennie Butts especially, Adams lavished praise. In one email Adams thanked Butts for “understanding” his business: “Just wanted to tell you how much we appreciate your hard work and efforts on helping us . . . . I know it was a long haul and a complicated deal to do the way it was structured. Thanks for staying with it and getting an understanding of it.” In another email, Adams wrote: “Trustmark has been mighty good to me over the past several years and I look forward to bringing more business deals like these to the Bank.” Butts replied: “Lamar, Jud and I value our relationship with you and appreciate you allowing Trustmark to assist you with your Banking Needs.”The good times rolled at Trustmark as the timber trio worked their deals and of course, pocketed the fees they so earnestly earned. However, a simple monitoring of Adams accounts would reveal a suspicious pattern of behavior:
35. In other instances, Adams commended Trustmark employees who had assisted him in other ways. Of an employee in Trustmark’s wiring department, Adams said “[he] treats us as if he never wants to lose our business”
Every month, Trustmark watched investors’ money flow into Madison Timber by wire and check. On the first and the fifteenth of every month, Trustmark watched the money flow back out again by wire and check. Anyone could see the tell-tale pattern.
38. Anyone could see that all of the money in Madison Timber’s account came from and went back to the same people. The money never came from lumber mills.
39. Madison Timber’s purported business was selling timber to lumber mills, but the financial statements prepared by his accountant did not show any account receivables from lumber mills. Adams explained to Butts and Watkins: “Guys, [my accountant] doesn’t include my Account Receivables from the Mills on my end of year Balance Sheet because of the different dates of the Contracts.” Adams separately provided his own list of “MTP Receivables” to Butts and Watkins, which they accepted as sufficient.
Make no mistake, Trustmark was (allegedly) all about providing customer service to Lamar Adams. Adams sometimes made "suspiciously large cash deposits in Madison Timber's account." Banks are supposed to report such deposits to the government. However, Butts and Watkins would alert the branch manager to allay any suspicions.
Despite the hundreds of millions of dollars that churned through the Madison Timber account, overdrafts were common, sometimes to the tune of several hundreds of thousands of dollars. Sometimes the account was overdrawn several times in a thirty day period. However, Trustmark allegedly waived the overdraft fees.
Indeed, Watkins used the overdrafts as an excuse to offer a $100,000 revolving line of credit to Madison Timber so it could avoid such inconveniences.
However, it is sometimes forgotten that stars tend to shine bright and such brightness is usually noticed. Adams was becoming a star client at Trustmark and began to attract the notice of the compliance department. One employee told Butts in March 2014 that the Madison Timber account "looks a little suspicious". He pointed out that that deposits indicated Adams was floating on the account. Butts went to bat for his friend and assuaged the concerns.
Feed Moncrief (With Excuses)
A new player entered the scene in June 2014, Wanda Moncrief. The pesky Trustmark compliance officer reported that in March 2013, Adams wrote two checks to Wayne Kelly for $9,333. Adams said they were for consulting. In reality, Kelly was one of Adams's main promoters of the phony timber investments. The answer didn't satisfy Moncrief. Adams said Kelly "pays the loggers" when Adams was away and he reimbursed Kelly. Moncrief didn't buy the excuses and told Butts they didn't make sense. Adams contacted Moncrief and spoke to her about her concerns.
Nearly a year passed when Moncrief again questioned the relationship with Kelly (#45) in May 2015. She also quizzed the nature of the account's transactions to Butts:
2. Why are multiple checks written to various individuals that clear at other banks – but then an amount close to the total written to those other individuals comes immediately back into the Madison Timber account via wire for almost the same amount? NOTE – the check dates are within one to two days of the wire.Butts simply gave the questions to Adams, who answered the questions in writing. The compliance officer asked for a copy of a promissory note. Adams provided one and allegedly said "those documents were done by Baker Donelson Law Firm, as they have 2 lawyers that joint venture timber tracts with us." (KF: Oops.).
3. Why are so many checks written in the same amount to multiple individuals or to the same individual? i.e. $9,333.33, $4,666.66, $9,500.00, $7,062.50, etc. Likewise, what are the numbers in the memo lines of the checks and what do they mean? “1, 2, 3, 4, or etc”.
Another year passed before more questions arose. Moncrief noticed saw there was no income from lumber mills in the Madison Timber account. None. Zero. Nada. She asked Adams in June 2016:
The Big Chiefs at Trustmark held a pow-wow about Lamar Adams and Madison Timber on October 4, 2016. Mel Channel, the bank's Senior Vice-President of Director-Corporate Security, asked Adams to close his account the next day. He said Adams had until at least November 7 to do so. Butts got a Adams and Kelly a meeting with Channel a week later but they were unable to persuade Trustmark to change its mind.
49. Moncrief emailed Adams herself, asking, “[W]hat timber companies do you use to harvest timber? We think we can’t see part of the transactions – we do not see any incoming payments from timber companies. How do they primarily pay Madison Timber, what account are timber payments deposited into, etc?” When Adams did not answer the first time, Moncrief followed up again: “One final question – in regards to the timber companies you contract with. We almost never see any incoming payments from them into the Madison Timber account. Where do payments go? Into another account at another bank perhaps?” Adams bluffed an answer to the question, following Moncrief’s lead: “Yes. I keep those separate and use 3 other Banks.”
The decision must have really freaked out the timber twosome. Adams and his merry band of promoters had given investors post-dated checks drawn on the Trustmark account. They had to track down and collect each check before they were cashed, no small feat.
Was Trustmark Complicit in the Fraud?
Ms. Mills minces no words in holding Trustmark responsible for the Madison Timber fraud:
57. Trustmark, Butts, and Watkins could see that Adams’s personal financial statements reported a positive net worth by grossly inflating the value of Adams’s interests in his separate LLCs. They would have known that no independent appraisals would have supported those inflated values.
58. Trustmark, Butts, and Watkins could see that Adams’s tax returns showed substantial carry-forward business losses in addition to substantial debt because Madison Timber’s purported interest expense nearly equaled its fictitious reported “profits.”...
63. Trustmark, Butts, and Watkins were required, pursuant to U.S. anti-laundering laws and regulations, to investigate suspicious and potentially illegal banking activity. Adams’s suspicious activity did raise Trustmark’s suspicions, as early as 2013. Trustmark, Butts, and Watkins knew or should have known that Adams was engaged in illegal banking activity.
64. In short, Trustmark, Butts, and Watkins had before them the nuts and bolts of the Madison Timber Ponzi scheme: large and highly suspicious transfers of money; routine and large overdrafts; implausibly high and consistent guaranteed returns; no purchases of timber; and no money received from any mills. Trustmark, Butts, and Watkins had unique information from which they could have reached only one conclusion: Madison Timber was a fraud.
65. Trustmark, Butts, and Watkins could have stopped the fraud years before it ensnared unwitting investors, including Trustmark customers, but instead they chose to enable and sustain Madison Timber by providing banking services that gave to Adams and Madison Timber the imprimatur of a sophisticated financial institution. After they confirmed that Madison Timber was a Ponzi scheme and confronted Adams, they gave Adams time to move Madison Timber’s business elsewhere. By their silence, Trustmark, Butts, and Watkins lent legitimacy and cover to Adams and Madison Timber while they collected fees for their facilitation of the largest Ponzi scheme in Mississippi’s history.
Finding a New Home
Adams took his bag of timber goodies and went to First National Bank of Clarksdale, Riverhills Bank, and Southern Bancorp. He used FNBC for his primary bank after leaving Trustmark. Funds were usually deposited at FNBC and then moved to the other two banks. The Receiver states more than $164 million "passed through these accounts in Madison Timber's last year of operation alone."
FNBC is not a defendant in the lawsuit because it settled with the Receiver's claim.
Adams had a Madison Timber and two personal accounts at Southern Bancorp. He used much of the money deposited at Southern to pay his personal expenses. Money flowed into the accounts and almost immediately flowed right back out. (See #76-77).
Adams needed a friend and one soon appeared. Jud Watkins had already left Trustmark and landed over at RiverHills when Adams closed his Trustmark account. Watkins had a superstar client and was allegedly determined to give him the superstar treatment. He issued home equity lines of credit to Adams and Kelly. Adams subsequently used the HELOC to pay investors when needed.
The same patterns that raised the eyebrows of Wanda Moncrief emerged at Riverhills:
84. Anyone could see that the money flowed into the RiverHills Madison Timber account—primarily from FNBC and Southern Bancorp but also from Adams’s RiverHills line of credit—and then flowed right back out. Again, the month of March 2018 is indicative. The RiverHills Madison Timber account’s balance started at $5,599,637 on March 1 and ended at $5,532,111 on March 31. In between those two dates, the account received thirty deposits totaling $15,414,790, and made 340 payments totaling $15,482,316.The account was frozen on April 19 when Adams surrendered. However, the complaint states Watkins deflected any questions:
86. After rumors of RiverHills’s relationship with Adams and Madison Timber spread, a friend asked Watkins if RiverHills was “going to be ok.” Watkins answered: “Yeah. We’re fine. No risk of loss. Long story.”The Port Gibson bank's website state's Watkins is a Vice-President.
The complaint repeats the arguments (posted above) used to hold Trustmark responsible. She charges the defendants had unique access to Madison Timber finances that allowed them to see there was no income from timber sales nor purchases of timber. She charged all defendants with civil conspiracy, aiding and abetting, gross negligence and recklessness, violations of Mississippi Fraudulent Transfer Act, and Mississippi RICO Act violations. The Receiver also charged Trustmark with negligent retention and supervision.
The complaint seeks punitive damages against Trustmark and Riverhills under the doctrine of vicarious liability.
* The LLC's are Wolf Lake, Mash Farms, Delta Farm Land Investments, Confederate DLine, 747, KAB, and Swede Camp.
74 comments:
To be honest....every person or entity who ever did any business with Lamar Adams and his timber entities should be brought in as parties to this matter.
Let them explain in writing and with documents how they were duped and how much they were paid back or lost.
And add to that all insurance policies in place which could possibly provide coverage/indemnity for every person / entity should be posted so all can see.
Incredible coverage of one of the largest Ponzi schemes in history of MS.
Really well written, both by the lawyers and KF.
It’s often hard to tell the story of financial shenanigans in a way that’s readable and interesting, but both the complaint and article do a great job.
I know Butts. He was/is a constant fixture at the CCJ. Always talking loudly and had a mule dick cigar in his mouth. Never understood how a bank employee could spend so much time during the week at the club. Not surprised he could be duped and played so long and easily. Nice but not smart. Adams was radioactive and like any successful conman, so appreciative and charming.
Great reporting KF. David Lane Sr, Dave’s Lane JR, and Ridgeway Lane appear to have followed the same type of business plan. Community Bank may be the next one called in for their part of scheming by the Lane’s.
When does she sue the FDIC? If she’s playing the coulda woulda shoulda game, they’re the only ones that had all the dots to connect. What did they know and when did they know. That we’ll never know
Why aren’t the Feds involved in indicting and putting others in jail? Maybe because the Mississippi US attorney and his team are republican appointed and want to limit the political damage to other republicans donors and those who they support? Blame it all on Lamar and keep the political money gravy train network in tact? Serious questions.
Excellent work KF. You are a reporter in days of few of them.
9:43 am
Troll on captain....troll on
I’m a high school grad, but smart enough to know that this was a big scheme.
I have a few issues, but let’s start with this one first. $100M=100,000 not 100,000,000. Good day
This just keeps getting more interesting every week. Definitely fit for armchair popcorn consumption. I do have sympathy for the victims but am surprised that anyone with any degree of education, financial sophistication or plain old street smarts would fall for this scheme. The first clue should have been mandatory non-recordation of timber deeds. Keep up the good work, KF.
So if these entities knew it was a fraud, why haven’t there been any other indictments? What about the individuals Adams enlisted to help solicit from unsuspecting investors. How are they getting off??
The stock symbol is TRMK
William and Robert Gage own the River Hills Bank in Port Gibson. William is a partner at Butler Snow. That's an easy dot to connect.
I have know few people that never worked a real job in their lives but worked every Ponzi around . These few people were well liked, played lots of golf and always had money. Funny as it may be people continued to give them money for their deals know that they were shady. Being cool and liked will carry some a long way.
So Wayne Kelly makes a lot of money yet doesn’t have to pay it all back, never indicted. Word is Kelly Attorney and the Reciever are big buddies.
Adams sometimes made "suspiciously large cash deposits in Madison Timber's account." Such deposits require the bank to file a suspicious activities report.
Such deposits require the bank to file a Currency Transaction Report, not an SAR. SAR is filed when there is reason to believe customer is structuring deposits to evade CTR filing or some other crime is evident.
SARs are filed electronically with the Federal Financial Institutions Examination Council, and Trustmark is overseen by the Office of the Comptroller of the Currency, which would review SAR filings, if any were filed. However, SAR filings are also confidential by law.
The similar check amounts with "1,2,3,4, etc." in the memo line should be a red flag to any bank operations personnel of a Ponzi scheme.
Ignorance of the Anti-Money Laundering Laws is not an excuse for these guys. The DOC requires reporting of any deposits of over $10,000. To look away is risking your own job..which I assume is why Watkins left Trustmark.
Great reporting KF. I tell ya...Ms. Mills is relentless!
Is Butts still at Trustmark? Asking for friend...
And to think that the public relations group at Trustmark had planned to ease into 2020-
Mike Hurst was loudly complaining that Jackson politicians and judges weren’t doing their job in fighting violent crime in the Capital City. The same could be said about him and the white collar criminals in the metro area. Hurst was bragging about how the federal system keeps criminals off the streets. Well, it’s doesn’t seem so in this case. These criminals have either moved on to new gigs or are still working at Butler Snow, Baker Donelson and Trustmark...in plain view.
Hey Mike, to quote Belichick and Saban: “Do your job”. Until you do so, please shut up about black crime...especially until you put the big money white criminals in prison.
It would be interesting to see who all those mentioned in these suits gave political contributions to.
If we had more people like Alyson Mills, and more legitimate reporters in this state, MS wouldn't be the swamp it is. Federal and State taxpayers are robbed blind by the corrupt political network.
Were the MS Banking commission and FDIC regulators doing their job???
Most DA's don't have CPA's to investigate this type of white collar crime.
The AG can but a dirty little secret is that criminal referrals disappear at Jim Hood's office. The SOS referred the Steadivest case to Jim Hood. It disappeared. The CMU complaints have been referred to Jim Hood. His office has done nothing to pursue those demands in court. Nothing. It's gotten to where the SOS Securities and Charities divisions doesn't make criminal referrals because Jim Hood's people don't do anything with them.
@1:16pm - "Hey Mike, to quote Belichick and Saban: “Do your job”. Until you do so, please shut up about black crime...especially until you put the big money white criminals in prison."
Well said!!!! Mike Hurst is really just going after low hanging fruit because he knows he needs all those corrupt white collar guys for their campaign contributions and connections when he runs for higher office.....just like silly scumbag Shad White. MS is DOOMED....there will never be serious law enforcement except against the poor, low level criminals.
Mills has not won any contested matter on the merits. Too early for kudos.
Well done Ms. Mills & Kingfish. Just like with no insurance bet the loss at banks are just pushed into fees of honest everyday customers!
Does anyone really care that Butts is a member of the Country Club of Jackson?
Haven't heard much of this on Sunherald or local media. Cream puff news articles about cats stuck in trees and shit like that is why I stopped subscribing to the paper.
Perhaps JJ should start a statewide paper. Go after corrupt politicians and these white collar criminals and I will subscribe.
Waiting to see If any of these perps get to serve "anything like the 13 years that Bernie Ebbers spent at that LA prison"
She appears to be burning down Kings Landing. Awesome.
Ms. Mills takes another round. I’m guessing that the pucker factor is at level 10 at BS and BD.
She has been very methodical in her attack. Thanks for the update KF. This is very interesting.
I would expect that Trustmark would settle to avoid more negative publicity. Popcorn is at the ready.
You have to ask why doesn’t Kelly have to pay back all that money? He only has to pay a small amount. Why hasn’t he been indicted? Why only Adams? He could not do this alone. You need several people in on it with you to pull it off.
Bob Herrin and Frank Day would have shut this down after the first day!!
I love all you armchair experts...not!
I love all you armchair experts...not!
I do not know Mr. Butts. However, I do know Jud Watkins. He is a fine, humble, honest Christian family man. While others may have been drinking, smoking cigars, etc. at JCC, Jud was at home after work with his family.. Unlike others involved in this Adams scheme, he did not profit one penny or seek to do so.. Ask anyone who has ever banked with Jud Watkins what kind of person he is.
Isn’t it interesting how armchair experts always say “you should have known” using 20/20 hindsight after the fact? People love to post baseless assumptions on here about people they don’t know and have never met and things they know nothing about. They would be so lucky to have their sons grow up to be the quality person that Jud Watkins is.
Brum Day, Bob Herrin, Alvis Hunt, Bob Swittenberg, George Gunn and others are spinning in their graves.
Meanwhile: McHenry was acquitted.
Kudos to the 'mule dick cigar' reference. That was one helluva chuckler!
@8:36 PM - Thanks Jud. We appreciate your point of view.
Herbert Coleman would have sniffed it out in a week.
12:35 AM
And you choose to blog your way into the new year!
You might take a look around and try to enjoy this life while you have a few more minutes.
McHenry was found not guilty of criminal charges by a jury. The jury said they could not convict him “beyond a reasonable doubt.”
The civil charges by Mills require a jury to find in favor of Mills if she proves her case by a “preponderance of the evidence” standard which is much easier to prove. There are also charges of fraud which do require her to prove her claims by “clear and convincing evidence” which is sort of in between the two standards above.
Before any of the serious charges go to court though....Lloyd’s of London, ALAS, and other large insurers for the large players will divvy up their share of the blame and pay Mills and the victims handsomely.
Stay tuned though....this one has some other unknown curves and valleys and lots of times....when they start digging...they find all kinds of dead bodies they didn’t expect to find.
Damned good reporting KF! It takes much more than a so-called "journalist" to do work like this.
Thank God for blogs like this one so we don't have to depend on horse shit reporting from papers like the Clarion Ledger.
I do know Mr Butts and I think the cigar comment is one of the unkindest things I’ve seen on this website which, like much of social media, seems to attract a lot of unkind statements and armchair quarterbacks. It seems especially cruel as it is directed at one of the kindest, humblest, hardest-working people I know. I can’t actually think of anyone who would describe Mr. Butts as loud, and not that it has any bearing on anything except setting the record straight, he very rarely plays golf during the week because he is generally working for his customers, his family, his coworkers, and his community.
I don't know Mr Butts, wouldn't know him from Adam. One thing I can say for sure though...he probably wasn't ever seen cruising Madison Timber's trees to check up on any of all that un-cut timber.
Jud Watkins has always struck me as a really honest, decent guy.
But then, if the money is right, a lot of normally honest guys have looked the other way and given dishonest guys the benefit of the doubt.
Sincerely hoping Jud proves to be just a pawn in all this.
12:23 pm
This is a troll fest and the owner of the troll farm makes $$$ every time you click.
Don’t expect things to change until anonymous postings are forbidden.
SomeOne needs to look deep into these LLC’s that Lamar,Bill,& Brad had to do with is crazy on who and what it may lead you to . Thanks again for your reporting on this topic and so many others . Thank You Thank You Thank You KF ... Can’t wait for more info in 2020 that others are afraid to report on
The level of ignorance about government on this site is only surpassed by that of the listeners of the JT show on Supertalk (and I'm sure many are participants of both).
5:33 you are correct, and I will add that the vapid life the owner of this cruel blog exists in, other that his "self importance" as a purveyor of misery and hurt, is one of insecurity and a quiet, sadistic pleasure in seeing other people hurt. He is a loser....a "wanna be" big shot that nobody likes or respects.
Kind of surprised me that Trustmark got scammed. I’m not CCJ material but I do have accounts at three different banks and Tmark is the hardest to deal with from using their online system to having to. “Check with “legal” on a simple Power of Attorney matter.
"...he very rarely plays golf during the week because he is generally working for his customers..."
Ah, well, as long he rarely does it and is generally working, no harm and no foul. However, I am curious: if a body rarely kicks kittens and generally doesn't punt puppies, should ASPCA give that person some sort of award?
Asking for a friend who rarely robs banks and generally doesn't create Ponzi schemes.
"...the vapid life the owner of this cruel blog..."
Er, not to be a pseudo-Bernard, but shouldn't you mean to allege "...the cruel owner of this vapid blog..."
N.B. - See "Yes, (Prime) Minister" for those who do not know who Bernard might be.
I have worked with both BB and JW over the years. They seem to be good men when it comes to family. However, as lenders they probably cared more about getting the deal, building their portfolio, looking good on quarterly reports, and getting a nice bonus instead of staying in compliance, understanding risk, or having to have a tough conversation with the lucrative customer or greedy upper management. Par for the course for most lenders, and especially Trustmark.
So there I sat, at my normal table, enjoying my eggs, biscuits and gravy, ham, and coffee. Some the hell how I didn't notice the dude at the next table slink in with the 3 young, scantily-dressed gals, but as soon as I noticed him I had vague feelings of both recognition and nausea. Mama Clyde, who owns the place, noticed my lack of progress and came over. "Say, baby, is yo' eggs not done right?" "No, ma'am," I explained, "it's that dude over at the next table...I think that's that vapid, cruel Kingfish MF'er and folks like that just put me off my feed..." "Honey, I don't know about no Kangfish shit, but that boy there is the new coach from up at the college...," said Mama Clyde. Well, let me tell you rite-cher, rite-now, I picked up my plate and cup and just moved my ass on over to the other side of the cafe. I'll eat near dogs and folks from over in Alabama and even northerners, but I'll be damned if I'll eat anywhere near any cruel, vapid Kangfishes or Kiffins...
All I did was cover a lawsuit filed against the biggest bank in Mississippi in the biggest ponzi scheme in Mississippi. I've heard this crap before. I heard it a few weeks ago when I reported on Ridgway Lane. I was picking on the Lanes. I heard it when I covered Steadivest. Remember that one?
Trustmark has a history of unethical behaviors. It wasn’t too many years ago they were successfully sued for buying/selling car insurance for their loan holders.
Nice to see that things haven’t changed.
See it over and over. Adams was good at his craft. He knew the type that he could manipulate, play and hood-wink. There is a reason he picked the bankers he did.
I'm still surprised, though, T'Mark was so late in picking it up, notwithstanding the in bank cheer leading of Butts and Watkins. I hope they were just stupid and not some way involved. I'm sure these guys love kittens and their communities. As for the Jackson Country Club angle questioned above, that's where Lamar and Butts hung out and lots of the victims. Seasoned commercial bankers should have smelled this out long ago.
Are these guys still with their banks?
The most crooked guy I know of in the area was hired by Trustmark as a financial advisor. A simple google search of his name turns up multiple cases involving his frauds. I wouldn't be surprised if Trustmark is found to be in a few of these type deals based on their hiring of this POS and I suspect they don't want investigators poking around for too long and will pay whatever it takes to get this behind them quickly.
1:18
Butts is still at Trustmark and Watkins is at River Hills in Madison to my knowledge.
Anon @11:47 please do tell. Their Banking arm and their insurance arm flexing muscle if the loan holders didn't want to do business "in house"?
Interestingly, Lamar Adams' son in law is a commercial lender at Trustmark
JURY TRIAL DEMANDED.........
Mills pretty much assured a settlement conference with that one. Although, I would never start throwing the dirt on Trustmark's grave. Lots of powerful people connected at that bank. They're not strangers to the courtroom.
One final note. Before we start sending Ms Mills high fives, lets see where her career ends up after this is over. She ain't doing this for the fun of it.
Why is that interesting?
Not publishing my comment defending Foster, you sub human piece of shit?
Don't see any comments about a Foster and don't know what the hell you are talking about. Thank you for the kind words and don't worry, I still love you, my brother, as Samuel Jackson said in The Great White Hype.
KF protested, "All I did was..."
Apparently you are not only cruel and vapid, but, and I again quote, "a sub-human piece of shit."
Interesting.
Just pointing this out for anyone actually following the hi-jinks, but this cruel, vapid sub-human piece of shit actually posted those self-same accusations. Credit where it's due. And just so it's said, nope, I'm not posting for KF or even for a friend...besides, I'm not sure I have any 'round these here parts.
And as aside, I bet that in secret, he probably doesn't really like his collard greens with 4 pounds of bacon drippings and only puts half a stick of butter on each wedge of cornbread, so he really ain't a true-Blue, dyed-in-the-sheets Mis-sippy redneck, neither. Eh, maybe I'm wrong about the butter...
You know exactly what I am talking about , you slimy, subhuman piece of shit. I hope you do know who this "anonymous" poster is, so you will confront me, and I can beat the shit out of you. You are a first class pussy. Please provoke me.
So
"Every month, Trustmark watched investors’ money flow into Madison Timber by wire and check. On the first and the fifteenth of every month, Trustmark watched the money flow back out again by wire and check. Anyone could see the tell-tale pattern.
38. Anyone could see that all of the money in Madison Timber’s account came from and went back to the same people. The money never came from lumber mills."
Then Trustmark only makes Lamar Adams close the account???
Trustmark did not report this to the authorities?????
You can't make this stuff up.
LOVE LOVE LOVE this article. Very thorough, and gives great insight on how Trustmark knewsomething was amis from the beginning! There have been stories about banks closing accounts when they are unable to tell how income is being made (like drug dealers), or when someone is a stripper.
I am not a lawyer, banker or accountant and all of this is very complex. What I wonder is if the people who were on the early end of the scam who got paid a dividend will have to pay the money back? It seems like small potatoes I guess compared to the deep pockets of banks and law firms, but it all adds up.
Lot of money paid out in commissions/finder fees--A LOT. Where did this go?
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