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

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.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly