JACKSON, Miss. (AP) — 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.