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Friday, February 26, 2021

Ex-Texas businessman to be resentenced in Va.

LARRY O’DELL, Associated Press

RICHMOND, Va. (AP) — A former Texas businessman convicted in a $100 million fraud scheme is about to find out whether any time will be shaved off his 60-year prison sentence.

Adley Abdulwahab will be resentenced Thursday in federal court in Richmond. A federal appeals court in April reversed five of Abdulwahab’s 15 convictions and ordered a new sentencing.

Prosecutors want U.S. District Judge Robert Payne to re-impose the 60-year sentence. Abdulwhab is asking for 15 years.

The Spring, Texas, man was one of the executives for a group of companies called A&O that used investor funds to buy life insurance policies at less than face value. Investors were supposed to be paid when the insured died, but A&O’s partners squandered their funds.

The scam claimed about 800 victims in 36 states and Canada.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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