Court Appoints Receiver Over Assets in Multimillion Dollar Ponzi Scheme
Litigation Release No. 24228 / August 8, 2018
Securities and Exchange Commission v. Arthur Lamar Adams and Madison Timber Properties, LLC, No. 3:18-cv-252 (S.D. Miss. filed Apr. 20, 2018)
United States v. Adams, No. 3:18-cr-00088 (S.D. Miss. filed May 1, 2018)
On June 22, 2018, the U.S. District Court for the Southern District of Mississippi granted the Securities and Exchange Commission's motion for the appointment of a receiver in the agency's ongoing litigation against Arthur Lamar Adams and Madison Timber Properties, LLC. The receiver has established a website, which contains information on the receiver's progress and on any relevant federal or state proceedings.
The agency charged Madison Timber and Adams with fraud for allegedly bilking hundreds of investors in a multimillion dollar Ponzi scheme. The defendants agreed to permanent injunctions, an asset freeze, and expedited discovery. Adams, who was criminally charged, pled guilty on May 9, 2018.