Arrested and Incarcerated (A&O) Life: Blue Dymond was a Fake-- I'm Shocked
Here it is: the Wahab etc. A&O indictment. Enjoy.
I'm shocked to see that Blue Dymond and Physician's Trust were fake companies set up by Russell Mackert to try to fool regulators. There was no RJ Stephenson. It was really Wahab—and Mackert knew it.
Way back in May 2009 I wrote this:
In this memorable quote from the movie Wall Street the character played by Michael Douglas tells Bud to call a number and tell the man that Blue Horseshoe Loves Anacott Steel. A&O Life's filing in federal court listing its member partners reminded me of this quote. The only new name identified in the affidavit was Blue Dymond Capital Group, LLC, a citizen of the West Indies. The person signing the affidavit was A&O front man Russell Mackert.
Mr. Mackert claims to have personal knowledge of the facts in the affidavit, but does not explain who he is, how he obtained that knowledge or his relationship with A&O. The affidavit does not mention Adley Wahab, who is presumably the man behind the curtain. Mackert and A&O seem shady--real shady.
Shady. And now indicted.
Here is a link to the Justice Department's press release on the indictment. The defendants include an A&O sales agent and a wholesaler.
The indictment seeks $103 million from the defendants. I believe that money recovered by the government in the case may be used to compensate victims. The victims should discuss this issue with their attorney.
I wonder how all this affects the bankruptcy filings of the funds. The trustee has been collecting money from different sources as assets of the companies, though it now looks like a huge percentage of it will be paid out to the attorneys, and little will be left for the investors. Wouldn't the bankruptcy court have a claim to anything recovered by the feds in these criminal cases? Just wondering...
Check the Trustee website.
If you read all the indictments, both Abdulwahab and ONCALE were in on both the sham sales of Blue Dymond and then Physican's Trust. Mackert's bulk cash smuggling felony charges came from depositing the 10 million from sham sales into Abdulwahab and Oncale's off shore bank accounts in the Federation of St. Kitts and Nevis. I am just appalled that Oncale is getting off with a plea.