Judge to Decide Who Will Seek Victim Repayment in Fraud | Jackson Free Press | Jackson, MS

Judge to Decide Who Will Seek Victim Repayment in Fraud

U.S. District Judge Carlton Reeves heard arguments Friday from Mississippi's secretary of state and the U.S. Securities and Exchange Commission on plans to hire a receiver. Records show Reeves plans to rule later.

U.S. District Judge Carlton Reeves heard arguments Friday from Mississippi's secretary of state and the U.S. Securities and Exchange Commission on plans to hire a receiver. Records show Reeves plans to rule later. Photo by Imani Khayyam.

JACKSON, Miss. (AP) — A judge will decide who should collect assets and repay victims of a $100-million-plus fraud.

U.S. District Judge Carlton Reeves heard arguments Friday from Mississippi's secretary of state and the U.S. Securities and Exchange Commission on plans to hire a receiver. Records show Reeves plans to rule later.

Arthur Lamar Adams pleaded guilty May 9 to wire fraud. Authorities say the 58-year-old Jackson resident persuaded investors to loan him money, promising high returns from bogus rights to cut timber.

A judge froze Adams' assets in a civil suit brought by the SEC in parallel with the criminal prosecution.

Secretary of State Delbert Hosemann supports appointing a receiver. But he objects to the securities regulator's proposal to hire Florida lawyer Kenneth Murena. Hosemann wants a Mississippi lawyer to handle the role.

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