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Tag Archives: ponzi scheme

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 ...

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Feds and Mississippi fight over who should clean up fraud

The U.S. Securities and Exchange Commission and Mississippi’s secretary of state are fighting over who should collect assets and repay victims of a $100 million-plus fraud. Arthur Lamar Adams pleaded guilty last week to one count of wire fraud. Authorities say the 58-year-old Jackson resident persuaded investors to loan him money, promising interest rates of 12 percent to 15 percent ...

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ANALYSIS — Ponzi schemes and controversial clawback claims against investors

  Many have called Madison Timber Properties, LLC the largest Ponzi scheme in Mississippi history. The scheme involved more than one hundred million dollars in investments and hundreds of investors spanning many years. The scheme has attracted the attention of national media outlets including the New York Times, the Washington Post, and Forbes. Now, in the wake of the scheme’s ...

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PONZI POINTS: Notable from the charging document

Allegations from the criminal information filing against Arthur Lamar Adams: » Adams ran the Ponzi scheme from early 2011 through April of this year, prosecutors say. » Adams kept the scheme going by paying earlier investors with money collected from new investors, prosecutors say. “Adams lulled and persuaded investors to maintain their investments and to invest additional funds by timely paying ...

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UPDATED — U.S. Attorney charges Jackson man in $100 million Ponzi scheme

By TED CARTER In a plea federal prosecutors indicated would later be changed to an admission of guilt, a 58-year-old Jackson man pleaded not guilty Tuesday afternoon in what could be Mississippi’s largest Ponzi scheme ever. The U.S. Attorneys office in Jackson alleges Arthur Lamar Adams used fraudulently deeded timberland to bilk well over $100 million from hundreds of investors ...

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Mississippi woman indicted on 19 counts in Ponzi scheme

JACKSON — Six families gave a woman over $1 million in a Ponzi scheme based in Mississippi and California, according to federal indictments returned in Jackson, Mississippi. Gina Palasini, already serving a 10-year prison sentence on related state charges, has been indicted on 19 federal counts of fraud and money laundering. The indictments allege Palasini used victims’ life savings to ...

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Lawmakers write letter to SEC chair over Stanford Ponzi scheme ruling

WASHINGTON — Members of Mississippi’s congressional delegation, including U.S. Sens. Thad Cochran, R-Miss., and Roger Wicker, R-Miss., and U.S. Reps. Gregg Harper, R-Miss., Alan Nunnelee, R-Miss., and Steven Palazzo, R-Miss., have written a letter to Securities and Exchange Commission (SEC) Chair Mary Jo White to appeal a recent ruling by the U.S. Court of Appeals regarding the Ponzi scheme perpetrated ...

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Stanford faces sentencing for $7B-plus ponzi scheme

HOUSTON, Texas — If federal prosecutors have their way, former jet-setting Texas tycoon R. Allen Stanford could receive a prison sentence that spans two centuries for bilking investors out of more than $7 billion over two decades in one of the largest ponzi schemes in U.S. history. Calling Stanford a “ruthless predator” who stole from investors “simply to satisfy his ...

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Charles Evans Jr. gets 20 years in prison

JACKSON — The Evans brothers were sentenced on Dec. 19 in U.S. District Court on charges of conspiracy to commit money laundering and bank fraud in what is the largest known commercial real estate fraud scheme in Mississippi history. Charles Evans Jr., 57, received 20 years in prison, and Chris Evans, 53, got 14 years. In January the brothers pleaded ...

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SEC asks court to decide on compensation to Stanford victims

WASHINGTON — The Securities and Exchange Commission (SEC) has asked a federal court to determine whether the Securities Investor Protection Corp. should provide compensation to victims of a Ponzi scheme perpetrated by the Stanford Group. Sen. Thad Cochran (R-Miss.) has supported efforts to have the SEC and SIPC address the losses incurred by investors, including some from Mississippi. “I would ...

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