Saturday, 23 August 2014
Last updated 1 day ago
Sep 29 2011 | 11:44am ET
A life-settlement hedge fund fraudster was sentenced to 60 years in prison for ripping retirees and others off to the tune of $100 million.
Adley Abdulwahab managed A&O Resource Management's hedge fund. He was convicted in June of 15 counts; the Houston man had taken the stand in his own defense the day before a jury returned the guilty verdict, admitting to some "puffery" but denying the central allegations against him: that he lied to investors and agents about the life settlement contracts his firm sold.
"I'm not like the other individuals who signed plea agreements and continue to lie," Abdulwahab told the jury. But perhaps he should have been: The five men who pleaded guilty, including A&O founder Brent Oncale, received sentences ranging from three to 15 years.
The other A&O defendant to go to trial and lose, co-founder Christian Allmendinger, was sentenced to 45 years in prison, the Justice Dept. said.
"The victims of A&O's scam were looking for a conservative investment, and they were manipulated into believing that A&O was a safe, secure, no-risk investment," U.S. Attorney Neil MacBride said. "Hundreds of elderly retirees saw their life savings vanish, and their lives have been devastated by their loss."
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note