Posted: Jan 29, 2013 8:37 AM
Updated: Jan 29, 2013 8:38 AM
RICHMOND, Va. (AP) A former Texas businessman convicted in a $100 million life insurance scam has asked a federal appeals court in Virginia to toss his convictions.
A three-judge panel of the 4th U.S. Circuit Court of Appeals in Richmond heard Adley Abdulwahab's (AHB'duhl-wah-hahb) case Tuesday. The court usually takes several weeks to rule.
The Spring, Texas, man was convicted in 2011 on 15 counts of conspiracy, wire fraud, securities fraud and money laundering. He was one of the principals 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 spent their money on lavish lifestyles. The scam claimed more than 800 victims.
Abdulwahab also is appealing his 60-year prison sentence.