A federal grand jury in Texas indicted Adley Husni Abdulwahab of Houston on securities fraud charges in connection with an alleged $17 million investment scam, according to an InvestmentNews article titled “Texan indicted in alleged $17M investment scam.” He was already in custody on federal charges in Virginia for his involvement in an alleged $100 million life insurance scam.
The U.S. Attorney’s Office in Dallas announced that Mr. Abdulwahab faces five counts of securities fraud and one count of conspiracy. Two co-defendants have already pleaded guilty to a single count of securities fraud, which is punishable by up to five years in prison, according to the article.
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