RICHMOND, Va. (AP) — A lawyer for a former Texas businessman who helped orchestrate a $100 million life insurance fraud scheme urged a federal appeals court Tuesday to toss out his convictions and 60-year prison sentence.
A federal jury in 2011 convicted Adley Abdulwahab of Spring, Texas, on 15 counts of conspiracy, wire fraud, securities fraud and money laundering.
Abdulwahab, 37, was one of the executives for a group of companies called A&O that used investor funds to buy life insurance policies from the policyholders at less than face value. Investors were supposed to be paid when the insured died, but A&O's partners spent their money on lavish lifestyles rather than safeguard the funds and pay premiums.
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