New York (HedgeCo.net) – Houston-based hedge fund manager Adley H. Abdulwahab, was convicted over the weekend by a federal jury for his role in a $100 million hedge fund fraud scheme with more than 800 victims across the United States and Canada.
“The verdict found Mr Abdulwahab guilty of a $100 million fraud and stealing the life savings of elderly retirees and hundreds of others who have seen everything they worked years for disappear,” said United States Attorney MacBride. “This case, involving victims in dozens of states, clearly demonstrates that a national fraud case can have real implications to everyday people. That is why we created the Virginia Financial and Securities Fraud Task Force last year to go after national cases that impact ordinary citizens on Main Street as well as Wall Street.”
On September 7, 2010, a federal grand jury returned an 18-count indictment against Abdulwahab and two other principals of hedge fund A&O Resource Management Ltd. and various related entities that acquired and marketed life settlements to investors. Abdulwahab was convicted on all counts, he faces up to 20 years for each count.
Five individuals have pleaded guilty in connection with the A&O fraud scheme: David White, the former President of A&O; Brent Oncale, former vice president of A&O; Russell E. Mackert, an attorney for A&O; Eric M. Kurz, a wholesaler of A&O investment products; and Tomme Bromseth, an A&O sales agent in the Richmond area.
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