Securities and Exchange Commission and the Department of Justice Charge Timber Co. Head In $85,000,000 Ponzi Scheme (Securities and Exchange Commission v. Arthur Lamar Adams and Madison Timber Properties, LLC, Case No. 3:18-cv-252-DPJ-FKB (S.D. Miss.)), Opinion by ARNOLD F. SOCK, Attorney at Law
The U.S. Securities and Exchange Commission on Tuesday unsealed a suit alleging the president of a purported timber company in Mississippi bilked at least 150 investors in an $85 million Ponzi scheme, on the same day federal prosecutors announced parallel criminal charges (Securities and Exchange Commission v. Arthur Lamar Adams and Madison Timber Properties, LLC, Case No. 3:18-cv-252-DPJ-FKB (S.D. Miss.)). The U.S. Attorneys office is also involved based on there being alleged criminal violations.
Authorities accuse Arthur Lamar Adams, 58, of orchestrating the scheme using his company, Madison Timber Properties LLC, to solicit investments under the guise they would be used to secure land rights and harvest timber from properties primarily located in Alabama, Florida and his home state. Excessive returns promises that are 'too good to be true" is the tip-off that there is a rip-olll!
Opinion by ARNOLD F. SOCK, Attorney at Law