The Latest: Mississippi man plans guilty plea in $100M fraud

JACKSON, Miss. – The Latest on a Mississippi man accused of running a $100 million Ponzi scheme (all times local):

3:15 p.m.

A Mississippi man plans to plead guilty in a fraud scheme that raked in more than $100 million.

Arthur Lamar Adams waived indictment Tuesday in a federal court hearing in Jackson after being charged with wire and bank fraud.

His lawyer, John Collette, says Adams is co-operating with prosecutors and is likely to plead guilty at a later date.

Adams could face up to 70 years in prison and up to $1.5 million in fines.

Charges say the 58-year-old Adams took in more than $100 million from more than 250 investors in 14 states over seven years.

Prosecutors say Adams asked investors to loan him money, guaranteeing repayment at a high rate of interest. Adams told investors he was buying timber cheaply and reselling it at a higher price.

Despite forged deeds supporting those claims, prosecutors say Adams was doing very little timber business and instead relied on new contributions to pay off older investors.

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1:45 p.m.

A Mississippi man is being charged in a Ponzi scheme that federal prosecutors say stole more than $100 million.

Arthur Lamar Adams was charged with wire fraud and bank fraud in federal court in Jackson. He’s scheduled to appear before a judge Tuesday.

The criminal charge says the 58-year-old Jackson resident defrauded more than 250 investors in at least 14 states. It says Adams told investors he was buying timber cheaply and reselling it at a higher price. However, prosecutors say Adams was lying, despite fraudulent documents supporting his claims.

Investors would loan Adams’ company money at a guaranteed interest rate for 12 or 13 months, with Adams relying on new investors to repay principal and interest to older investors.

Federal court records don’t list a lawyer for Adams.