Mississippi man reports to Arkansas prison for Ponzi scheme
JACKSON, Miss. (AP) — A former Mississippi businessman sentenced to almost 20 years in prison for operating the largest Ponzi scheme in state history is in a federal prison in Arkansas.
The Clarion Ledger reported that 58-year-old Arthur Lamar Adams of Madison County reported to the Forrest City Low Correctional Institution in Forrest City, Arkansas, on Monday.
Adams had asked to serve his sentence at the federal prison in Yazoo City or one close to Mississippi when he was sentenced in October. U.S. District Judge Carlton Reeves made that recommendation, but the decision was made by the U.S. Marshal Service.
Prosecutors say Adams ran a $100 million Ponzi scheme through his Madison Timber Properties. Prosecutors said he defrauded up to 300 investors who did not know Madison Timber Properties was a Ponzi scheme.
Information from: The Clarion Ledger, http://www.clarionledger.com