A settlement has been reached between the wife of Indianola native and convicted Ponzi scheme mastermind Lamar Adams and the conservator seeking to recover money lost by investors.
According to a report in the Clarion Ledger this week, Vickie Lynn Adams, who has been married to her husband since 1978, will be allowed to proceed with divorce proceedings and split the assets from their marriage with the conservator.
Adams was sentenced last year to nearly 20 years in prison for concocting the $100M Ponzi scheme that was run through a front company, Madison Timber Properties, which promised large payouts to investors who put their money in timber.
He reported to an Arkansas penitentiary in January to begin serving his sentence.
Adams defrauded investors, including Sen. Roger Wicker, out of millions of dollars.
According to the C-L, the receiver will “retain all property of any type or description acquired by Mr. and Mrs. Adams from the date of their marriage through the date the agreement is executed, save assets separately acquired by Mr. Adams or Mrs. Adams from other sources.”
The family home, appraised at $304,310, will be sold, with the first $200,000 of net proceeds to be split between Vickie Adams and the receiver, the report said.
The receiver would receive the next $20,000 in net proceeds, and any profit beyond that would be split 90-10 in favor of the receiver with Vickie Adams.
The Adams’ Oxford condo will also be sold, “with the first $145,000 of net proceeds allocated 90 percent to the receiver and 10 percent to Mrs. Adams, and any net proceeds in excess of $145,000 allocated 50 percent to the receiver and 50 percent to Mrs. Adams.”
The couple’s 2018 Lexus will also be sold, according to the report, along with the liquidation of a large Hartford Life & Annuity Insurance Company policy.
