Saturday, July 11, 2020

Receiver Opens New Front in Lamar Adams Case


The SEC Receiver opened yet another front in the war to recover illegal profits made in the Lamar Adams Ponzi scheme.  Allyson Mills sued Stuart Anderson, James Shell, and Shell Investments in U.S. District Court yesterday.


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.

Stuart Anderson is a Desoto County resident while James Shell lives in Harris County, Texas.   He owns Shell Investments.  Shell and his company will be referred to as Shell.



The complaint alleges Anderson began selling Madison Timber investments in 2013.   He earned commissions of $130,520 between 2013 and 2018.   Ms. Mills claimed Anderson refused to negotiate but instead "disposed of assets" after he discovered the Receiver intended to recover the commission.

Shell sold the phony investments from 2012 to 2018.  The Receiver alleges Shell received commissions of $505,114.

The complaint charges both defendants with violations of the Mississippi Fraudulent Transfer Act and Unjust Enrichment.  She asks the Court to return all commissions to the estate as well as attorney's fees and court costs.

The case is assigned to U.S. District Judge Carlton Reeves and Magistrate Keith Ball. 






23 comments:

Anonymous said...

Is that “Randy” Shell who at one time worked for Trustmark?

Anonymous said...

A Ponzi scheme with an underlying shell game. Who knew?

Tick Tock said...

I'm just sitting over here in the bleachers waiting for her to go after McHenry. Tick Tock.

Anonymous said...

All done with McHenry. Get off the bleacher and find something productive to do.

Anonymous said...

After reading this, will the accounting firm for Adams and Madison Timber be brought into this? After all, Bernie Madoff's accounting firm eventually got pulled into that Ponzi scheme.

Anonymous said...

Per complaint, Randy Shell sold the timber scheme from 2012 to 2018 through “Shell Investments.” However, per the Sec of State site there was no Shell Investments until 2015. Randy worked for Pinnacle Trust from 2002 until the week the timber scam broke in May of 2018, when he high-tailed it to Houston.

So:

1. Stacey Wall (Pinnacle CEO) was on the original 2009 filings with Lamar Adams.

2. Stacey Wall formed Pinnacle Financial, LLC in 2014 with Madison Timber promoter Jon Seawright of BD.

3. Now, Randy Shell is accused of selling Madison Timber from 2012-2018, a period in which he was an employee of Pinnacle Trust until his employment mysteriously ended and left the state IMMEDIATELY when the scam hit the media.

To recap: Wall formed business entities with both primary “masterminds” of this Ponzi (Adams & Seawright), then his employee turns out to be a promoter for six years until he disappeared when things got too hot. Yet, somehow Wall/Pinnacle have NOTHING to do with Madison Timber according to the press releases of PT??

Anonymous said...

Is this related?

https://www.newspapers.com/clip/46996271/rhodenpinnacle-properties-development/

Anonymous said...


Stacey Wall and Pinnacle have got to be knee deep in all of this. They were smelly before all this Adams stuff publicly broke. Wall used to be a fixture at the CCJ strutting around like/with his bud Lamar.

Anonymous said...

Pinnacle pushed the timber investment. Adams and Wall were good friends. Duh?

Anonymous said...

Pinnacle Trust? Houston? Interesting. Ole Miss fans will remember the late Ray Brown, who became an attorney on the coast and had some questionable dealings over the years. His son is or was a named partner in an investment firm in Houston, one daughter is or was mixed up with Ted Cain, and another daughter's husband works or worked for Pinnacle Trust. Ray Brown had connections with and to several law firms and lawyers, particularly on the coast, that also have questionable reputations (at least in certain circles). I don't have any desire to dive into that quagmire, but a resourceful person who did have such a desire would likely find a lot of interesting information.

Anonymous said...

Why do these schemers run to Texas when exposed? Rodgers and now Shell.

Anonymous said...

Has anyone gotten rich in this State without being shady?

Anonymous said...

Lots of "billable hours" for Ms. Mills. Cha-ching.

Anonymous said...

The last 60 day report shows she spent 35 times as much as she collected. Spent $216,650 while collecting $6170.

Anonymous said...

to 1;02....good question......mostly around here the run somewhere south of I-10 , mainly new orleans...............after a big scandal. bobby delaughter is a perfect example\

Anonymous said...

12:17, your loose reference to Ray Brown is a far reach. I knew Ray well. There’s no smoke, no fire. Ray was a fine man.

Anonymous said...

From The Bleachers: You will hear the name McHenry again.

Anonymous said...

1:02 Texas "used" to exempt your personal residence from
any judgement taken against you
I has a judgement against a contractor that we worked for on a job here in State but he lived in Texas so I got educated the hard way!
Not sure if that applicable in this case

Anonymous said...

Texas still does - Their homestead law is quite strong.

Anonymous said...

Sounds like this is spreading through the Ole Miss alum elite like Covid through a chicken plant.

Anonymous said...

Willy McHenry came out of this Smelling great. Previous exoneration set the precedent for anything going forward. She would have already done something. She knows he doesn’t have equity or a way to pay up and if he’s behind bars, he can’t strike gold again. He won’t outlive this ponzi.

Anonymous said...

Where is Brent Alexander these days? Not on the rolls at BD... curious that Seawright has been retained thus far, even after filing for BK.

Anonymous said...

Alexander has his own firm.



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