3 Texas business owners indicted by federal jury in Va. on charges related to $103M scam

3 Texas men indicted in Va. in $103M scam

RICHMOND, Va. — A federal grand jury in Richmond has indicted three Texas men for allegedly defrauding investors in their life insurance settlement businesses.

An 18-count indictment unsealed Thursday names Christian Allmendinger of Houston; Adley Abdulwahab of Spring, Texas; and David White of Missouri City, Texas, as defendants. Charges include mail fraud, money laundering, conspiracy and securities fraud.

The government is seeking forfeiture of $103 million that it claims the defendants illegally obtained by portraying investments as risk-free and guaranteeing returns of 10 percent to 12 percent.

Attorneys for White did not immediately return a phone message. Court records did not list attorneys for the other two defendants.