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A&O Executives Sentenced to Prison for Life Settlement Fraud

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Adley H. Abdulwahab, part owner of A&O has been sentenced to 60 years in prison, while the co-founder, Christian Allmendigner received a 45-year sentence, the State Department said in a statement, for their roles in a  $100 million life-settlement fraud scheme.

Business Week reports that the men sold bonded life settlements, which guaranteed returns of up to 10 to 20 percent. The men misrepresented their qualifications and past successes, and then used investor money on multimillion dollar homes, luxury cars, and a 15-carat diamond ring.

“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,” U.S. Attorney Neil MacBride in Alexandria, Virginia, said in the statement. “It was all a big, fat lie; A&O was a sham, a financial house of cards waiting to collapse.”

The men were charged last year for 18 counts of conspiracy, mail fraud, securities fraud and money laundering, in a scheme that victimized 800 North American investors.

breakinglawsuitnews.com disclaimer: This article: A&O Executives Sentenced to Prison for Life Settlement Fraud was posted on Monday, October 10th, 2011 at 7:12 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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