Mississippi Litigation Review & Commentary

Mississippi Litigation Review & Commentary

Comments on the Latest Developments in Mississippi Civil Litigation

Philip is a trial attorney based in Jackson, Mississippi with a diverse civil litigation practice.

Category Archives: A&O Life Funds Litigation

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A&O Founders Adley Abdulwahab and Christian Allmendinger Get Huge Prison Sentences

Posted in A&O Life Funds Litigation
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… Continue Reading

A&O Scandal Should be Subject of CNBC American Greed Episode

Posted in A&O Life Funds Litigation
Every time that I think that nothing new can happen to entertain me in in the A&O Life scandal, I am wrong. Followers of the A&O debacle will enjoy the government’s Reply Brief to Christian Allmendinger’s Sentencing Memorandum. Here is the Reply. The government’s Reply contains an entertaining description of Almendinger squirreling away assets and initially fleeing before his trial.  Allmendinger returned… Continue Reading

A&O Update: Virginia Jury Convicts Abdulwahab on 15 Counts, Sentencing Schedulted for September 28

Posted in A&O Life Funds Litigation
Wall Street’s Most Wanted Report Securities Fraud Blog reports that on Friday a federal court jury in Virginia convicted A&O Life co-founder Adley Abdulwahab for his involvement in the $100 million A&O Life fraud scheme. According to the government’s press release:  “Today’s quick verdict found Mr. Abdulwahab guilty of a $100 million fraud and stealing the… Continue Reading

A&O Update

Posted in A&O Life Funds Litigation
Here is a brief update on what is going on with the A&O Life criminal defendants: Adley Abdulwahab: trial set for June 7, 2011 Christian Almendinger: sentencing August 12, 2011 Brent Oncale, Russell Mackert, Eric Kurz, Tommy Browseth: sentencing July 22, 2011 I can’t imagine Wahab actually going to trial. But I hope that he does,… Continue Reading

A&O Update: Jury Convicts Allmendinger, Wahab Next to Go Down

Posted in A&O Life Funds Litigation
Many news sources are reporting on the conviction this week of A&O Life co-founder Christian Allmendinger in connection with A&O’s fraudulent investment scheme. Here is CBS Moneyline’s article. Allmendinger will be sentenced on August 12 and faces 22 to 27 years in prison. Investors lost $80- $100 million in the scheme. As reported on Corrections.com: According… Continue Reading

A&O Update: Provident Capital Indemnity and its Owners Indicted for Fraud

Posted in A&O Life Funds Litigation
Last week the Costa Rican bond company Provident Capital Indemnity and its owners were indicted in federal court in Virginia for mail and wire fraud. Here is the indictment. Provident Capital gained attention for defaulting on the bonds that were supposed to guarantee the A&O Life investments. Here is a Bloomberg article on the indictment. Here is another… Continue Reading

A&O Life Update: Mackert and Bromseth Plead Guilty and are Cooperating with the Government

Posted in A&O Life Funds Litigation
A reader posted a comment today saying to look at the A&O bankruptcy trustee’s website. Under recent developments the cite reports that the government has seized personal assets belonging to Abdulwahab, Oncale, White and other defendants: The Bankruptcy Trustee further understands that (1) defendants Allmendinger, Abdulwahab and White were initially taken into custody, although one… Continue Reading

Provident Capital Indemnity Ltd. at the Center of Another Collapsed Life Insurance Investment Scheme

Posted in A&O Life Funds Litigation
Costa Rican bond company Provident Capital Indemnity was involved in the collapsed A&O Life Investment Fund. According to the SEC, Provident is now involved in another collapsed life settlement "investment." Here is the SEC’s Complaint filed in Texas against American Settlement Associates, Charles Jordan and Kelly Gibson. The complaint alleges that the defendants sold fractional… Continue Reading

WSJ Reports on Life Settlement Fraud

Posted in A&O Life Funds Litigation
Saturday’s Wall St. Journal had this report on the growing crackdown in the life settlement arena. The story focuses on a Florida insurance became rich selling the policies, but who now faces criminal charges. According to the article: Mr. Brasner’s reversal of fortune is part of a post-bubble crackdown by state authorities, aimed at the… Continue Reading

A&O Life Gets $11 Million from Costa Rican Bond Co.

Posted in A&O Life Funds Litigation
It’s being reported that the A&O bankruptcy trustee settled with Provident Capital for $11 million: The bankrupt A&O life settlement funds will receive $11 million under a legal settlement with Costa Rican bond insurer Provident Capital Indemnity. About 720 investors and creditors are owed about $92 million from seven A&O life settlement funds that filed… Continue Reading

A&O Update: Jeffrey Marwil Replaces Patrick Collins as A&O Bankruptcy Trustee

Posted in A&O Life Funds Litigation
This week the U.S. Bankruptcy Court for the Northern District of Illinois replaced Patrick Collins with Jeffrey Marwil as trustee of the A&O bankruptcy. Here is the Court’s Order. For persons not familiar with the A&O investment fraud scam, here are my earlier posts on the scam.  After A&O declared bankruptcy Patrick Collins was appointed trustee… Continue Reading

A&O Update: Wahab and Co-conspirators Owe $16.5 Million in W Financial Litigation

Posted in A&O Life Funds Litigation
The Texas Federal Court Judge who held Adley and Sarah Wahab in contempt has entered a final judgment of over $16.5 million against Wahab, W Financial, Michael Wallens, Sr. and Michael Wallens, Jr. Here is the Final Judgment. Here is a photo of Wahab. The judgment finds the four defendants jointly and severally liable for… Continue Reading

WSJ Article Focuses on Risks of Life Settlement Investments

Posted in A&O Life Funds Litigation
Saturday’s Wall Street Journal had this article about life settlement investments, which are also known as viatical settlements. The investors buy life insurance policies and pay the premiums until death. The sooner the insured dies the better the investment return. If the insures lives longer than expected, it’s the investor who gets killed. The article pointed out… Continue Reading

Trustree: Wahab Gang Stole Investors’ Money–Did Russell Mackert Commit Perjury in A&O Affidavits?

Posted in A&O Life Funds Litigation
The big news in the A&O debacle last week was this Complaint that the A&O bankruptcy trustee Patrick Collins filed against Adley Abdulwahab, Brent Oncale, Russell Mackert, Christian Allmedinger, Shepard Capital Management (Mackert’s company) and A&O. The Complaint alleges that the defendants stole the A&O investors’ money. A while back I asked where did the investors’ money go and stated:… Continue Reading

The Feds Are After A&O Life

Posted in A&O Life Funds Litigation
I have just learned of a November 30, 2009 letter to A&O Life investors from the U.S. Postal Inspection Service that states that it, along with the FBI and IRS, are investigating A&O for mail fraud. It’s about time! Here is a copy of the letter and questionnaire. I cannot wait to see where the federal… Continue Reading

LSU Registrar: Adley Abdulwahab Never Attended LSU

Posted in A&O Life Funds Litigation
One of my first posts about A&O and Adley Abdulwahab ("Wahab") attached this Illinois Notice of Hearing . Paragraph 24 states that an A&O private offering memorandum listed Wahab’s credentials as managing member of A&O as including a 1996 degree in economics from LSU. On a hunch, I investigated this claim and received the following response: Mr. Thomas,… Continue Reading