Feds and Mississippi fight over who should clean up fraud - WLOX.com - The News for South Mississippi

Feds and Mississippi fight over who should clean up fraud

By JEFF AMY
Associated Press

JACKSON, Miss. (AP) - The U.S. Securities and Exchange Commission and Mississippi's secretary of state are fighting over who should collect assets and repay victims of a $100 million-plus fraud.

Secretary of State Delbert Hosemann is objecting in court papers to the securities regulator's plan to hire a Florida-based receiver. Hosemann instead wants a Mississippi lawyer to handle the role. However, the SEC says its choice has agreed to hire Mississippi-based professionals and waive travel fees.

The SEC wants a judge to appoint the receiver temporarily, awaiting a report within 60 days of how assets should be gathered and disbursed.

Arthur Lamar Adams pleaded guilty last week to one count of 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.

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