Number of Ponzi scheme victims could lead to enhanced sentence - MSNewsNow.com - Jackson, MS

Number of Ponzi scheme victims could lead to enhanced sentence

Jackson man charged in multimillion dollar fraud scheme; Source: Facebook Jackson man charged in multimillion dollar fraud scheme; Source: Facebook
JACKSON, MS (Mississippi News Now) -

When Ponzi scheme suspect Arthur Lamar Adams pleads guilty in his fraud case later this week, the sheer number of his victims could enhance his sentence. 

The Jackson businessman is accused of duping more than 250 investors in 14 states with bogus timber-cutting rights related to his business, Madison Timber Properties.

READ MORE: Jackson man charged running a Ponzi scheme has a Change of Plea hearing scheduled

Senator Roger Wicker is one of his alleged victims. 

Adams' attorney, John Colette, says the judge will take sentencing guidelines into consideration as he determines Adams' fate. He says the scheme involved leading investors to believe Adams had contracts that didn't really exist. 

"Under the concept that he had a contract with a mill that was going to buy the pulpwood, and some of those were legitimate and a vast number of them may not have been," Colette says. 

He adds that the judge will impose restitution in hopes the victims can be reimbursed, but Colette also tells us many of the investors benefited from some of the deals. 

WATCH: Arthur Adams leaves federal court Tuesday after being placed on house arrest in multi million dollar fraud scheme

"A lot of people made money off this, 13 percent interest. So it wasn't like a total bogus deal at conception," he explains.

We asked if others will face charges in the Ponzi scheme. Colette would not confirm or deny.

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