SEC Receiver Alysson Mills filed her status report in the Lamar Adams case last Friday. 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. . 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.
Ms. Mills must file a status report every sixty days. There is no new information in the report for regular JJ readers.
12 comments:
I may be reading this wrong, but it appears to me that no new money came in except interest on the bank accounts ($14,000). I also do not see where she was paid during the last 60 days.
She has picked all the low hanging fruit-- will be tough sledding from here on. Hopefully some of the heirs of the original investors will be paid years from now.
Apparently, she is going to postpone paying herself for few days to make the numbers look better. Then, every other 2 month payment cycle will also be a week later. This only makes the numbers look better for the just ended 2 month cycle. It is called, kicking the can down the road.
She has earned her $$.
BS and BD are the big ticket items left.
She is saving the best for last.
Popcorn at the ready.
And the clawbacks begin when?
Pg. 03
“ After Adams, McHenry is the only person to have been charged in connection with
the Madison Timber Ponzi scheme. I am hopeful that criminal authorities are not finished with their work. Victims are right to expect that criminal authorities will pursue justice in this case.”
She put this in bold to more or less open her report. The reverb from that statement might lead one to think that an awful lot is going on behind the scenes to shape criminal litigation, discovery and the “ fall guys”. They have the king pin in prison on a cooperative plea. Yet we have not seen the screws being put to minor players to corroborate the shaded testimony of Adams. Many people would prefer SPF1000 than sunlight on this case. Outside of KF - this story has been particularly quiet given that it is the largest Ponzi scheme in state history. That intro statement is screaming in bold for a reason.
11:33 claims she's kickin the can down the road. But, it's HER can, right? She deserves to be paid.
McHenry's fruit is still hangin' low - On the civil side.
I hope Allison wasn’t planning on clawing back the money from Lady Billings garage sale. I saw used Louis Vuitton slippers for $250. Good luck with that.
1:35 from the page 3 you cited, it appears the U.S. Attorney is protecting some people.
Wonder why?
10:01 - I bet if you did the document ancestry of this case you would not wonder.
The victim can claim they got duped. I would have to assume at least some of these parties ran this through their lawyers, investment bankers, CPA’s etc.- each having a differing levels of due diligence and all well aware that crazy ROI is worthy of skepticism. Certain investors being attorneys themselves is at best an indictment of their abilities. Lots of dirtied hands to clean and protect. A lot of this will likely get “ resolved” quietly. A few of the upper level non-lawyers will be criminally sacrificed while the establishment lets out a “whew” and licks it wounds.
I’m surprised a podcast or tv investigative show is not covering this?
There will be no justice for the victims, unless there are Criminal Indictments of these White Collar Hoodlums. A Criminal is a Criminal wether he wears a white shirt, or is a vagrant living on the streets. These jerks should not be protected by the US Attorney or any other agency! PS, Why would anyone care wether or not Mills reports her earnings!?! She is the hero in all of this, and as far as I’m concerned she is above reproach!
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