Friday, July 31, 2020

Receiver Reaches Settlement W/Pugh in Lamar Adams Case


It appears another settlement is in order in the Lamar Adams case.  SEC Receiver Alysson Mills asked a U.S. District Court to approve a settlement for $183,002 with Bradley Pugh. 


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.

The motion states Pugh earned commissions of $183,002 for selling the phony timber investments.  Pugh will repay the commissions per the agreement:
Mr. Pugh shall execute a promissory note in the original principal amount of $183,002.66 due and payable in three years that may be prepaid in the amount of $100,651.46 (55% of the total “commissions”) if paid in 18 months or $137,252.00 (75% of total “commissions”) if paid in two years.
The motion and proposed agreement are posted below.  The case is assigned to U.S. District Judge Carlton Reeves.

























17 comments:

Anonymous said...

So if he pays it off early, he gets to keep 50k which is probably 10% of what he pocketed.

When does she hit up McHenry for the same? His earlier acquittal won't affect her clawing-back his 'earnings'.

Anonymous said...

Why has Hurst seemingly backed off the two main guys? Neither appear to have had any of this matter falling apart affect them in any way. I would not think that Hurst would be beholden to either of them (the lawyer and the lobbyist) through any type of social connection, but something seems afoot. If those two clowns walk, all of you "jackson is lost" folks can look in the mirror and congratulate yourselves.

Anonymous said...

I wish all the promissory notes I have signed in the past had"discounts" like this one.

Anonymous said...

Gotta get enough to cover her fees. The true victims are SOL.

Anonymous said...

Way to go!

11:32 green is an ugly color on you

Anonymous said...

Ridiculous! Proving once again that white collar crime pays handsomely.

Why in the hell should this crook get a discount like that and/or three years to pay off what he stole from investors.

Makes you think that stealing a couple of million dollars and paying half back isn't such a bad deal.

Anonymous said...

May be better finance rates than banks offer! LOL What charges stay on their records after paying these fees/fines?

Anonymous said...

Why is he a crook?

Anonymous said...

The effective yield on the note discount is better than what Adams ever would have paid.

Anonymous said...

Damn! I need a lawyer who will settle my debts for 55 cents on a dollar.

KF- who was that lawyer in this case?

Anonymous said...

McHenry still lives high in his big house at Deerfield, driving his very late model F250, bullying people he stole from, without a care in the world. He has a yard full of tractors and high dollar utility trailers, and is still trying to sell people property he doesn’t own. Hopefully the MS Attorney General will take a harder look at him than the feds have. His victims deserve justice and compensation now!

Anonymous said...

It’s a hoax!

Lamar never stole money.

Fake!

Sheeples believe anything!

Qanus

Anonymous said...

He doesn't have to pay for the fact that most investors were greedy and dumb, that's on them. I invested a couple thousand in a snow ball stand, lost it all wasn't nobodies fault that I was a dumbass to open a snowball stand in the fall.

Anonymous said...

It looks like the judge has set the bar.

Anonymous said...

I personally know some of the offenders who agreed to and at least at this point have partially paid back 100% of their commission fees. What is going on?

Anonymous said...

9:56

The documents show the attorney to be Joseph “Whit” Cooper of the Farese Law Firm.

Anonymous said...

Something smells a little fishy in this deal. Whatcha want to bet that Farese Law Firm and Ms. Mills are buds. There's a connection somewhere. Bradley got himself a sweet deal some kinda way.

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