Mississippi senator confirms he lost money in fraud scheme
JACKSON, Miss. (AP) – U.S. Sen. Roger Wicker says he is among the victims of a Mississippi-based fraud scheme that officials say involved more than $100 million.
Wicker is a Republican from Tupelo. He told The Associated Press on Thursday that he invested money in bogus rights to cut timber and stands to lose money.
Federal prosecutors say it was a Ponzi scheme. They say a Jackson man named Arthur Lamar Adams used cash from later investors to pay off loans he received from earlier ones.
U.S. Senate disclosures show Wicker invested tens of thousands of dollars.
Prosecutors say more than 250 investors in 14 states invested with Adams from as early as 2004.
Although prosecutors say “well in excess” of $100 million was invested, it’s unclear how much of that was lost.
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