Adley Abdulwahab appears set
to have many decades to contemplate the error of his ways following
his conviction by a jury in the US state of Virginia of a life
settlements fraud involving some 800 people in 36 states and
Canada.
In his position as part owner
of A&O Resource Management, Abdulwahab was, said US Attorney
Neil MacBride, “guilty of a $100m fraud and stealing the life
savings of elderly retirees and hundreds of others who have seen
everything they worked years for disappear”.
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Evidence presented during the
trial showed that Abdulwahab routinely used investor funds for
personal enrichment, including a lavish home and a Ferrari.
Abdulwahab, who will be sentenced in August, faces up to 255 years
in prison.
Abdulwahab’s co-defendant,
Christian Allmendinger, was convicted by a jury in March while five
other individuals have pleaded guilty in connection with the
A&O fraud scheme.
The A&O investigation was
conducted by the Internal Revenue Service, US Postal Inspection
Service and Federal Bureau of Investigation, with assistance from
the Texas State Securities Board and the Virginia Corporation
Commission.
