Securities Fraud

Michael Douglas Billings, 59, of Dallas, Texas, and his MDB Group “sold millions of dollars in unregistered promissory notes fraudulently offered by [nonparties] Arthur Lamar Adams … and Madison Timber Properties,” without registering as a broker, the SEC claims in federal court.

JACKSON, Miss. — Michael Douglas Billings, 59, of Dallas, Texas, and his MDB Group “sold millions of dollars in unregistered promissory notes fraudulently offered by [nonparties] Arthur Lamar Adams … and Madison Timber Properties,” without registering as a broker, the SEC claims in a federal complaint.

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Securities Fraud

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