Monday, October 26, 2020

Another Settlement Reached in Lamar Adams Case

One more tree may fall in the Lamar Adams case.  SEC Receiver Alysson Mills asked U.S. District Judge Carlton Reeves to approve a settlement with Stuart Anderson.  Mr. Anderson sold phony timber investments for Lamar Adams. 

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.

Ms. Mills sued Mr. Anderson,  Desoto County resident, in June.  Mills said 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.

Anderson apparently had a change of heart because he made financial disclosures to the Receiver in August and agreed to settle the case.  

Mills submitted a motion to approve the settlement.  The motion states Anderson will repay $130,520 in three years.  However, he does not have to pay the full amount if he pays $78,312 within a year and $104,416 within two years.  The Receiver said Mr. Anderson will probably file bankruptcy if she is forced to pursue the claim in court.  

Judge Reeves has not yet approved the settlement. 

 

20 comments:

Anonymous said...

No jail. But Bernie got life. And Bernie was spending his own money buying his stock. System sucks.

Anonymous said...

Well, well....the PTrust connection is finally revealed. Randall Shell was Senior Vice President at PT right up to the time around LA’s arrest. According to the court documents, he made big commission too, which one might assume PT got a cut. He then fled after a 5 month vacation from PT to a new trust/investment gig in Houston Texas (according to his LinkedIn profile).

Anonymous said...

No post about the police chase from Madison to Jackson? Jackson riff-raff spilling over into Madison. And cops who can’t drive, apparently.

Anonymous said...

Have Brent and Jon gone to jail yet?

Sign me up said...

Where can I sign up for this deal? He will net $50k. No jail. But Mike Billings got off even better. I think he got to keep closer to a million.

Square Wheel of Justice said...

When will she apply the claw-back to McHenry? And, if not, what's the difference between this guy and McHenry?

Anonymous said...

After her fees, there seems to be a paltry, if any, recovery for those that were duped.

Anonymous said...

The lack of actual justice in Mississippi is obscene.

Anonymous said...

Where Shell employed and what is his job?

Anonymous said...

This is the last of the low hanging fruit.
The total amount recovered so far is not enough to make a meaningful
distribution to the victims-

Anonymous said...

This law firm is charging about $45,000.00 a month. The firm has not billed since June of 2020 according to these reports. That probably means there are fees totaling $$180,000.00 this firm has yet to get payment for. At some point, the law of diminishing returns is applicable.

Anonymous said...

Nope, 8:21, McHenry is low hanging fruit. It's undisputed that he was employed by and received sales commissions in this worthwhile endeavor. He was tried and exonerated since the primary culprit claimed Bill was unaware of the bogus nature of what he was selling. But, he still seems to have skated, for now, on his profits.

Anonymous said...

How has Butler Snow not been implicated in this? Certainly their E&O carrier has been throwing money at this trying to make it go away.

Anonymous said...

Y’all jealous green shirt wearing people sweating over the legal fees make me laugh

You get on here and have no idea what you are saying and you just make stuff up

This is why these sites will be hardly looked at in a few short months

Keep trolling basement queens

Anonymous said...

Attn 4:27 McHenry Maybe things will work out for you!

Anonymous said...

Let me get this right. He extorted $130,000.00 but only has to pay back 78,000.00. That is a good gig if you can get it. I wonder how those from whom he extorted this money feel about this.

Anonymous said...

Can't quite understand why we haven't seen more criminal actions in this case.

Makes More Than Most Lawyers said...


"This is why these sites will be hardly looked at in a few short months" (October 27, 2020 at 4:27 PM)

So...you just got hired at the firm. You must be new to the blog. It's been here for years, not months. Your office will always be next to the restroom. And you'll hear the pipes knocking every time there's a flush. "Basement queens" indeed.

Anonymous said...

It's mathematically impossible for 20% to come from each district. The actual law governing petitions should be declared unconstitutional or they'll be taken to federal court and the law will the declared unconstitutional. It's really simple and the people responsible for the petition should respond with a federal lawsuit.

Anonymous said...

7:31 - Bernie was also pressuring employees to get better financial numbers and didn't care how they did it and he ran a very large publicly traded company vs. selling to good to be true tree magic money. True facts.


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