Mutual of Omaha, Bank Aided $85M Ponzi Scheme, Suit Says

Law360 (March 22, 2019, 5:28 PM EDT) -- The receiver of two timber companies that a Ponzi schemer used to bilk hundreds of investors out of $85 million has filed suit in Mississippi federal court against Mutual of Omaha and a Mississippi bank, alleging their agents steered investors toward the fraudulent scheme.

In a 36-page complaint filed on Wednesday, Alysson Mills, the court-appointed receiver for convicted fraudster Arthur Lamar Adams’ companies Madison Timber Co. Inc. and Madison Timber Properties LLC, says that Mutual of Omaha, Mississippi bank BankPlus and BankPlus’ wealth management branch are liable for the defunct companies’ debts to investors because they “lent their influence, their professional...

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