Trustmark to Pay $6.5 Million to Settle Alleged Ponzi Scheme Fraud Claims
September 01 2023 - 4:46PM
Dow Jones News
By Sabela Ojea
Trustmark has agreed to pay $6.5 million to the federal receiver
Alysson Mills in benefit of investors who were allegedly defrauded
by the Ponzi scheme operated by Arthur Lamar Adams and Madison
Timber Properties.
The bank holding company made no admission of liability or
wrongdoing in connection with Adams and Madison Timber, according
to a U.S. Securities and Exchange Commission filing on Friday.
Trustmark has, however, determined "it is in the best interest"
of the company and shareholders to enter into the settlement, to
eliminate risks and costs of continuing litigation.
The settlement includes the parties' agreement to seek the
Court's entry of bar orders prohibiting any continued or future
claims by anyone against Trustmark and its related parties relating
to Adams and Madison Timber.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
September 01, 2023 17:31 ET (21:31 GMT)
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