Mississippi Resident Arthur Lamar Adams Charged for his Role in Orchestrating $100 Million Ponzi Scheme
From the Desk of Jim Eccleston at Eccleston Law LLC:
Jackson, Mississippi resident, Arthur Lamar Adams has been charged in federal court with two counts of wire fraud for defrauding more than 250 investors out of approximately $100 million.
According to the criminal complaint, from as early as 2011 and continuing through April 2018, Adams solicited loans in the form of promissory notes from his company, Madison Timber Properties LLC. Moreover, Adams falsely representing to his investors that Madison Timber Properties had timber rights or contracts with lumber mills, and also misrepresented to investors that they would be receiving a 12-13 percent interest rate return.
In order to cover his tracks, Adams created false documents that purported to demonstrate to his investors that their promissory notes were secured by sufficient collateral. Adams also created false timber deeds conveying timber rights from landowners to Madison Timber Properties.
Furthermore, instead of investing the funds he received, Adams used the funds for his personal benefit and to make payments due and owed to other investors, in a Ponzi-scheme like manner.
Eccleston Law is investigating this Ponzi-scheme. Those with information should contact our law firm.
The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities Fraud, Compliance Protection, Breach of Fiduciary Duty, FINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.
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