By Associated Press, Published: June 7

Updated: Wednesday, June 8, 1:37 AM

http://www.washingtonpost.com/national/texas-businessman-faces-trial-on-fraud-money-laundering-charges-in-va-federal-court/2011/06/07/AGXb9sKH_story.html

RICHMOND, Va. — A federal prosecutor has told a jury in Virginia that a Texas businessman lied to investors to swindle them out of more than $100 million.

But an attorney for Adley Abdulwahab (AHB’duhl-wah-hahb) of Spring said the fraud was perpetrated by others who already have pleaded guilty.

The lawyers made their opening statements Tuesday in Abdulwahab’s trial on wire fraud, security fraud and money laundering charges in U.S. District Court in Richmond.

Abdulwahab was one of the principals in companies that bought life insurance policies from insured people at less than face value, then collected the benefits when those people died. Prosecutors say Abdulwahab and others illegally portrayed investments in their company as risk-free, misrepresented many aspects of their business and used investor funds to finance their own lavish lifestyles.

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