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Wicker confirms he was victim to apparent Ponzi scheme

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Wicker confirms he was victim to apparent Ponzi scheme

According to the New York Times and Associated Press, Senator Roger Wicker confirmed he did lose money to the scheme when he thought he was investing in what was supposed to be rights to cut timber.

Federal prosecutors charge it was a Ponzi scheme, though, with a Jackson man named Arthur Lamar Adams using cash from later investors to pay off high-interest loans he received from earlier ones.

“My wife and I are victims of this apparent fraud,” Wicker said in a statement Thursday. “Like many others who stand to lose money in this scheme, we are very surprised and disappointed. We are learning of this through news reports like everyone else.”

Wicker didn’t immediately say how much money he has at risk.

New York Times

5/4/2018

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Sarah Ulmer is the Capitol Correspondent for Y'all Politics and covers the political news in the Mississippi Legislature and among Mississippi elected officials. She can be reached at sarah@yallpolitics.com
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