Businessman goes on trial for insurance fraud

RICHMOND, VA (WWBT) - A Texas businessman accused of defrauding hundreds of investors out of more than $100 million is going on trial Tuesday in Richmond.

Adley Abdulwahab faces charges of wire fraud, securities fraud and money laundering.

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.

Five others related to the case have pleaded guilty, and one was convicted by a jury.

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