The axe has fallen on Adley
Abdulwahab and Christian Allmendinger, two former Texas businessmen
found guilty in June 2011 of a life settlements fraud in which some
800 people in 36 US states and in Canada lost a total of $100m.
Both men were part owners of A&O Resource Management, the front
company for their fraudulent activities.
On 28 September, US District
Judge Robert Payne handed down a 60-year prison sentence to
Abdulwahab and a 40-year sentence to Allmendinger.
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Prosecutors had requested a
225-year sentence for Abdulwahab.
Evidence presented during
their trials showed that Abdulwahab and Allmendinger routinely used
investor funds for personal enrichment, including lavish homes and
luxury cars.
Commenting in a statement
after their sentencing, US Attorney Neil MacBride said: “The
victims of A&O’s scam were looking for a conservative
investment, and they were manipulated into believing A&O was a
safe, secure, no-risk investment.
“Hundreds of elderly retirees saw their life savings
vanish, and their lives have been devastated by their
loss.”
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