Ole Miss to return most of $400,000 given by Ponzi convict
JACKSON, Miss. (AP) — The University of Mississippi has agreed to return most of the $400,000 its athletic foundation was given by a businessman who pleaded guilty to a $100 million Ponzi scheme.
The Clarion-Ledger reports that the federal receiver appointed to try to get back investors’ money says the university has agreed to return $310,000 donated by Arthur Lamar Adams. A recent report from Alysson Mills says that’s in addition to nearly $40,000 already returned for unused football and baseball tickets.
The university and foundation were not involved in the scheme.
Mills says Adams gave $402,000 over 10 years to the athletics foundation.
Mills said a proposed settlement with Ole Miss will end any action against the university.
She says Adams got about $52,000 in “tangible benefits,” including events tickets that he used.