By Associated Press, Wednesday, March 23, 6:49 PM

http://www.washingtonpost.com/business/federal-jury-in-virginia-convicts-texas-businessman-on-7-counts-in-life-insurance-fraud-case/2011/03/23/ABHxcuKB_story.html

RICHMOND, Va. — A federal jury in Virginia has convicted a Texas businessman on seven counts of mail fraud, money laundering and securities fraud.

Christian Allmendinger of Houston was found guilty on all counts Wednesday after a seven-day trial. U.S. District Judge Robert Payne set sentencing for Aug. 12.

Federal prosecutor Michael Dry said Allmendinger is facing a sentencing guideline range of about 22 to 27 years. Payne ordered Allmendinger held in custody until he can determine whether the man’s wife has enough money to make him a flight risk.

Allmendinger was one of the founders of A&O Life Funds. The company bought life insurance policies at less than face value, then collected the benefits when those people died. Prosecutors claimed Allmendinger and others lied to investors about several aspects of the company.