A&O Founders Adley Abdulwahab and Christian Allmendinger Get Huge Prison Sentences
Adley (Abdul)Wahab and Christian Allmendinger were sentenced in federal court this week. The DOJ's press release states:
Two principals of A&O Resource Management Ltd. have been sentenced for their roles in a $100 million life settlement fraud scheme, which included more than 800 victims across the United States and Canada.
Today, Adley H. Abdulwahab, 36, of Houston, a hedge fund manager and part owner of A&O, was sentenced to 60 years in prison. Yesterday, the co-founder and vice president of A&O, Christian Allmendinger, 40, also of Houston, was sentenced to 45 years in prison.
Allmendinger famously delayed a plan to flee based on the mistaken assumption that he would not be taken into custody after the guilty verdict.
Wahab famously lied about attending LSU.
The sentences fit the crime and these guys are getting what they deserve. Read all my posts on the A&O scandal here.
Was part of the sentence based on lying about attending LSU? Wink, wink.....
While I am deeply sympathetic to the investors who lost their savings I cannot help but feel that the sentence of 60n years was excessive. If you take into account that Adley is 36 years years old, 60 years is basically a death sentence, federal sentences do not allow for early release or time off for good behaviour, he will die in prison. Restitution for the victims will not be possible if he is imprisoned for the next 60 years.
"60 years is basically a death sentence"
I think you meant to say "life sentence." A death sentence would not leave him 60 years to loiter around.
The sentence is severe, but these guys did severely wrong things.
Adley is a career criminal who finally got caught big time. Look up his prior scam called W Investment Services, etc. The only way he would ever have been able to pay restitution to investors was by creating even more victims of another scam. The A&O scam targeted senior citizens, primarily, Had the A&O scam not been identified when it was and the principals indicted when they were, the statute of limitations would have prevented any meaningful prosecution of the promoters and wrong doers.
Lying that one attended LSU should rate a downward adjustment for mental incompetency.
The entire situation is sad, the investors lost their money, the A&O employees who were convicted have lost their freedom all because of money. Greed can over ride common sense.