Madison Timber Receiver Alysson Mills submitted her required 90 day status report to U.S. District Judge Carlton Reeves on March 31. The report documents her slog to recover funds for the victims of Lamar Adams. The report announces trials are scheduled for April 2026 in the clawback lawsuits against UPS and Baker Donelson.
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. Adams is incarcerated in federal prison after he pleaded guilty to one count of wire fraud. 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. Butler Snow settled for $9.5 million. Mills and Baker Donelson are still slugging it out in federal court. However, Ms. Mills went after several banks as well.
The Receiver sued Trustmark, Bankplus, River Hills Bank, and their employees in federal court, alleging they made it easier for Lamar Adams to carry out his Ponzi scheme as their customer even though Trustmark and Bankplus submitted suspicious activity reports about Adams to the federal government. The Court approved the settlements in October. JJ estimates the amount Mills collected from various defendants such as those mentioned above to be approximately $42 million.
There is little new information in the report. Ms. Mills still has not filed any clawback lawsuits against investors who received profits from the Ponzi scheme.
The receivership holds $1.6 million in an account at Hancock Bank. Ms. Mills applied for fees of $2,633.
10 comments:
The eay pickings are behind her; she will have to earn the rest, if any.
No really meaningful recovery will be made unless clawback litigation is pursued. Why has this not been done?
10:40, The answer to your question has been discussed, ad nauseam, it the last couple of posts on this topic.
I don't envy her in this task. It's not easy to unboil an egg.
Can we get an update on the other Timber Case? With Jeffery Taylor ?
What’s the latest with Mike Billings, one of the promoters
Baker Donelson played a heavy hand in the shenanigans. They should have to pay at least as much as Butler Snow. Both firms are lucky to not be Adams neighbors.
Profits made from early investors..,. Gonna claw those back?
@6:59
Ill-gained, tainted profits
If she would make a deal with McHenry, she'd be farkin' overwhelmed with players, some of whom you would never in a million years suspect.
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