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Wife of businessman sentenced in $100 million Ponzi scheme divorcing husband, reaches settlement

Wife of businessman sentenced in $100 million Ponzi scheme divorcing husband, reaches settlement

The spouse of a Madison County businessman sentenced to nearly twenty years in jail when you look at the state's biggest Ponzi scheme is divorcing her husband and contains consented to offer property owned by the few to greatly help repay her spouse's investors.

Arthur "Lamar" Adams ended up being sentenced to nearly twenty years in jail for the $100 million Ponzi scheme, the biggest within the state's history. (Photo: Jeff Amy, AP)

Vickie Lynn Adams is hitched to Arthur "Lamar" Adams since August 3, 1978, and it is the one-half owner of home owned because of the few.

In U.S. District Judge Carlton Reeves sentenced Lamar Adams to 19? years in prison october.

Adams admitted in court that their company had been a Ponzi scheme. Adams duped as much as 300 investors, including U.S. Sen. Roger Wicker, into the $100 million scam.

A week ago, Reeves authorized a settlement reached by Mrs. Adams as well as the receivership appointed by the court to attempt to recover a number of the money lost by investors. He additionally lifted a stay of action on Mrs. Adams' divorce, meaning she can now continue along with it.

Monday Vicki Lynn Adams couldn't be reached for comment.

But, Mrs. Adams said she had no knowledge her spouse's company ended up being a Ponzi scheme before the FBI came across together with her spouse year that is last to him being formally charged.

The us government settlement contract with Mrs Adams states:

  • The receiver shall retain all home of every kind or description obtained by Mr. and Mrs. Adams through jdate the date of the wedding through the date the contract is performed, save assets individually obtained by Mr. Adams or Mrs. Adams off their sources.
  • The Adams home in northeast Jackson shall be offered, aided by the first $200,000 of net profits allocated 50 per cent into the receiver and 50 % to Mrs.
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