The Wall St Journal reports: Two more principals of A&O Resource Management Ltd. received decades-long prison sentences for their involvement in a $100 million life settlement fraud scheme, the Justice Department said Wednesday.
Hedge fund manager and A&O principal Adley H. Abdulwahab, 36, was sentenced to 60 years in prison, while A&O vice president and co-founder Christian Allmendinger, 40, was sentenced to 45 years in prison, according to a Justice Department statement.
The Houston-based defendants had defrauded investors by misrepresenting A&O's prior success, its size and office locations and its use of investor funds, the department said. According to the original indictment, the defendants and their co-conspirators sold life settlement investments, which have attracted growing scrutiny in recent years. In such deals, investors buy life-insurance policies or portions of them from the people who took them out for an upfront payment.
http://online.wsj.com/article/BT-CO-20110928-714666.html
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