Arthur Lamar Adams of Mississippi pleaded guilty to orchestrating a massive Ponzi scheme exceeding $100 million stolen from more than 250 investors in at least 14 states. He was sentenced to almost 20 years in prison. Meyer Wilson currently represents victims of his scam.
Adams and his cohorts represented to investors that a company called Madison Timber Properties was in the business of buying timber rights from landowners and then selling the timber rights to lumber mills at a higher price. The object was to get people to invest in loans that purportedly were for the purpose of financing contracts for the purchase of timber rights to be sold to lumber mills at a higher price. Madison Timber Properties did not have timber rights or contracts with lumber mills. Instead, the money from unsuspecting investors lined the pockets of the scammers involved.
Investors were guaranteed that they could expect 12% to 15% returns on the investment they made. To any competent financial advisor, this should have been a red flag of a probable Ponzi scheme or investment fraud. High returns come with high risks, and if it sounds too good to be true, then it probably is. If your financial advisor ignored the red flags and recommended you invest in Madison Timber Properties, you may be able to recover your monetary loss. Give the investment fraud attorneys at Meyer Wilson a call today for a free case evaluation.