JACKSON, MS (WJTV) – U.S. Senator Roger Wicker says he is among the hundreds of people who lost money in a Ponzi scheme.
He spoke exclusively to WJTV 12 about his experience.
The scheme, which officials say Arthur Lamar Adams organized, defrauded people of more than 100 million dollars.
Senator Roger Wicker confirms he invested money in bogus rights to cut timber, and he stands to lose money.
“Yes, I am an investor in this program. Yes, it does appear we are a victim of the fraud like hundreds of others not only in Mississippi but in a several state area,” said Wicker.
Senate disclosures show Wicker invested tens of thousands of dollars in 2015 and 2016.
While the U.S. Attorney’s Office says the scheme appears to have been run from Madison, MS, 250 people in 14 states were taken for a ride from as early as 2004.
“We are very concerned about it, and we issued a statement yesterday afternoon which is about the extent of what we know,” said Wicker.
Federal prosecutors say Adams used cash from later investors to pay off loans he received from earlier ones.
“When we know further developments we’ll let you know,” Wicker said.