Mississippi Resident Arthur Lamar Adams Charged for his Role in Orchestrating $100 Million Ponzi Scheme

Posted on May 4th, 2018 at 3:27 PM
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 FraudCompliance ProtectionBreach of Fiduciary DutyFINRA 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.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

Return to Archive

TESTIMONIALS

Previous
Next

Thank you so very much for your guidance, patience, and expertise.

Beth and Steve K.

LATEST NEWS AND ARTICLES

July 26, 2024
Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.

July 25, 2024
FINRA Plans Fee Increases Amid Rising Costs and Losses

The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.

July 24, 2024
Raymond James Settles with Oregon Over Excessive Commissions

Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.