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Our law firm is investigating claims on behalf of investors who sustained losses as a result of investing in A&O Resource Management Hedge Fund. In late 2011, two executives of the hedge fund were sentenced to decades in prison for their roles in a $100 million life-settlement fraud scheme, federal prosecutors said.
Adley H. Abdulwahab, a part-owner of A&O, was sentenced to 60 years in prison, while the firm’s co-founder Christian Allmendinger received a 45-year prison sentence, according to a statement from the U.S. Justice Department. The two men were indicted for selling “bonded life settlements” guaranteeing returns of 10 percent to 20 percent. Prosecutors alleged that they misrepresented their qualifications and past successes while spending investor money on personal expenses including multimillion-dollar homes, luxury cars and a 15-carat diamond ring.
According to U.S. Attorney Neil MacBride, “The victims of A&O’s scam were looking for a conservative investment, and they were manipulated into believing A&O was a safe, secure, no-risk investment. It was all a big, fat lie; A&O was a sham, a financial house of cards waiting to collapse.”
Brokerage firms who sold A&O may be liable to investors for their losses which resulted from the firms’ failure to conduct adequate due diligence of A&O. If you sustained losses by investing in A&O, please contact our law firm for a fee consulation. You may able to recover your investment losses by filing a law suit or securities arbtiration claim.