Two to be Sentenced for $100M in Securities Fraud

RICHMOND, Va. (AP) — Two Texas businessmen convicted in a multistate, $100 million fraud scheme will be sentenced in late September.

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U.S. District Court Judge Robert Payne on Monday scheduled Adley Abdulwahab’s (AHB’duhl-wah-hahb) sentencing for Sept. 28. The 35-year-old Spring, Texas, man was convicted Friday of 15 counts of conspiracy, mail fraud, securities fraud and money laundering.

Christian Allmendinger of Houston was convicted of seven counts in March. Payne rescheduled Allmendinger’s sentencing to Sept. 27.

Abdulwahab and the 39-year-old Allmendinger were principals in companies that used investor funds to buy life insurance policies from insured people at less than face value and promised investors a hefty return when the benefits were paid. Prosecutors said the men lied about many aspects of the companies and used investor funds to finance lavish lifestyles.