3.5 million for the phony timber assets. 164 million Ponzi plans predicated on phony timber purchases. Receiver Alysson Mills represents the SEC. She shall recover assets, send out them among the victims, and offer progress reports to the courtroom. 16 million in commissions from several “promoters”. The promoters helped Adams sells his phony timber investments to unsuspecting investors allegedly. Adams is currently incarcerated in a Federal prison after he pleaded guilty to one count of wire fraud.

Ms. Mills sued Billings, Wayne Kelly, William McHenry, and their respective companies in October 2018 for the commissions received for the sale of the phony timber ventures. Billings became a recruiter for Madison Timber by now than 2012 later, while he was employed by Butler Snow Business Advisory Services, LLC (“Butler Snow”).

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Madison Timber paid Butler Snow a regular retainer for “strategic business development, strategic financing/capital strategies, and overall management advisory” services. Butler Snow and Billings presented Madison Timber to potential investors and Madison Timber paid Butler Snow and Billings a “success charge” when an investor invested. In December 2013, Billings left Butler Snow for the prospect of recruiting new traders to Madison Timber fulltime.

Adams agreed to pay Billings 2%, and 2 later.5%, of every dollar of each investment made by an investor that Billings personally recruited. Among Adams’s “bird dogs,” Billings was a standout. 15,000,000. With Billings’s help, the Ponzi scheme ballooned. Billings targeted large investors in California and Tx, often falling certain traders’ names to attract new investors.

80,000,000 in purchases in 2017 by itself. Billings was always trying to find “more, and increasingly more! Billings told investors the ventures were secured by the timber deed allegedly. The complaint said Billings must have known something was amiss. Ms. Mills said the “landowner’s signatures” on all the deeds appeared the same as these were forged by Adams.

She argued a call to anybody of the landowners could have revealed the forgery. Madison Timber experienced no agreements with timber mills yet Billings never attempted to verify the lifestyle of the agreements he claimed existed. Madison Timber made the trader consent to not record the deed at the courthouse unless the business failed to make a payment.

The interest was 300-400% above comparable investments. The marketplace price for timber was substantially lower than the purchase price marketed by the Adams and his boyz. The Receiver said Billings was the financial “guru” at Butler Snow and “paid to comprehend” the business of Madison Timber. In August 2017, Billings celebrated his “fifth anniversary” with Madison Timber.

He thanked Adams for the “exceptional association and collaboration” and said “it is actually amazing what we have accomplished collectively.” He reflected: “I can’t decide whether ‘The Odd Couple’, Grumpy Old Men’ . ‘Big’ would be the best title to spell it out us. I can only conclude that it is ‘A God Thing’!

312,500 in 730 days. The Court and the Receiver are mindful that if Billings required the Receiver to litigate her state against him to final wisdom, Billings would struggle to pay the ultimate view and likely would seek bankruptcy relief. If Billings submitted for bankruptcy, the Receivership Estate would contend with other creditors for a talk about of Billings’s property.