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Judge to decide who will seek victim repayment in ponzi scheme

A judge is taking bids to decide who should collect assets and repay victims of a $100-million-plus fraud.

U.S. District Judge Carlton Reeves last week told Mississippi’s secretary of state and the U.S. Securities and Exchange Commission to each submit proposals.

Arthur Lamar Adams pleaded guilty May 9 to wire fraud. Authorities say the 58-year-old Jackson resident persuaded investors to loan him money, promising high returns from bogus rights to cut timber.

A judge froze Adams’ assets in a civil suit brought by the SEC in parallel with the criminal prosecution.

The SEC wants to hire Florida lawyer Kenneth Murena. Secretary of State Delbert Hosemann wants to appoint Jackson lawyer Derek Henderson

Reeves says the receiver will work for him, and thus he will decide whom to appoint.

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