Not Guilty Finding in $85M Ponzi Scheme Charge

JACKSON, MS (Ben Caxton) — The former business partner of a man convicted of running a Ponzi scheme that cost investors more than $85 million has been found not guilty of assisting in the crime. On Thursday jurors acquitted 72-year-old William McHenry of securities and commodities fraud and wire fraud charges in federal court in Jackson. Prosecutors argued McHenry recruited investors for Arthur Lamar Adams when the two shared an office from 2010 to 2018. Adams was sentenced last year to 19 years in prison for the scam. McHenry’s defense admitted he recruited investors for Adams’ business, Madison Timber Properties, but didn’t know it was a Ponzi scheme. Adams promised returns of up to 13% on the investments of approximately 300 investors, including a Hollywood producer and U.S. Senator Roger Wicker. Adams skimmed some for himself and used some to pay 10% commissions to salesmen like McHenry.

 


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