Adley Abdulwahab, an owner of A&O Resource Management, was convicted of a life settlements marketing scheme that defrauded more than 800 investors out of $100 million.

The 35-year-old Houston man was convicted Friday by a federal court in Richmond, Va., on one count of conspiracy to commit mail fraud, five counts of mail fraud, one count of conspiracy to commit money laundering, five counts of money laundering and three counts of securities fraud.

Abdulwahab faces up to 20 years in prison on each count except the securities fraud charges for which he faces up to five years in prison, according to the U.S. Attorney’s Office for the Eastern District of Virginia.

A sentencing date has not been set.

Commentary by Michael Abraham:

An out and out crook by the look of it and good riddance to him!

Published on 01 Sep 2011 at 03:04 pm