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.