A federal jury on Wednesday convicted a 39-year-old Houston man for his role in a $100 million fraud scheme that had more than 800 victims across the U.S. and Canada.
Christian M. Allmendinger “stole millions from elderly retirees to buy flashy cars and a multimillion-dollar home,” said Neil H. MacBride, U.S. Attorney for the Eastern District of Virginia.
In September, a grand jury returned an 18-count indictment against Allmendinger and two other principals of A&O Resource Management and other entities that bought and marketed life settlements to investors.
Allmendinger routinely used investor funds for personal enrichment, including a $2 million home, a Lamborghini Spyder, and a 15-carat diamond ring, among other property, authorities said.
Allmendinger, who was a co-founder and vice president of A&O, was convicted Tuesday on one count of conspiracy to commit mail fraud, two counts of mail fraud, one count of conspiracy to commit money laundering, two counts of money laundering, and one count of securities fraud.
He is expected to be sentenced in August. Allmendinger faces up to 20 years in prison on each count except the securities fraud, for which he faces up to five years in prison.