The largest ponzi scheme commited in Mississippi.

Lamar Adams conned 250 investors out of more than $100 million by selling bogus timber investments to them. Adams used several promoters to sell the fraud, including Brent Alexander and Jon Seawright. Adams recently pleaded guilty to one count of wire fraud and faces up to twenty years in prison.

Alexander is a lobbyist at Baker Donelson and Seawright is an attorney and partner at the law firm. They formed a company, Alexander Seawright Timber Fund I, LLC in 2010. The highlights of the agreement are:

*Minimum investment was $25,000. The subscription term was for one year.

*Annual rate of return was stated to be 10% although the promissory note issued to the investor stated the interest rate was 12%.

*The "broker" promised to "enter into sales agreements with lumber mills" upon acquisition of the timber rights.

*A deed was issued in exchange for the investment but could not be recorded unless there was a default. The agreement stated "The Note will be secured by timber deeds in favor of the Company. Upon a default under the Note, the timber deed will be recorded and the Company will take title to the Timber Rights.

*The investors must be "accredited" under the SEC's Regulation D. SEC regulations require accredited investors to have income that exceeds $200,000 (or $300,000 with a spouse) in each or the prior two years and must expect to earn the same income in the current year OR has a net worth of over $1 million excluding the value of the home.

*The name of the fund was the Alexander Seawright Timber Fund I, LLC and stated Baker Donelson Attorney Jon Seawright was the contact person for the fund. The address is the home address for Baker Donelson lobbyist Brent Alexander.

*Units of membership were $25,000 each.

*Securities were unregistered.

*Subscriber agreed to use arbitration in case of dispute and waived rights to seek remedies in court

https://www.scribd.com/document/379768916/Alexander-Seawright-Agreement-Watermarked