Texas businessman guilty in $100M insurance scheme

RICHMOND, Va. – A Texas businessman faces decades in prison after being convicted in a $100 million life insurance fraud scheme.

His company used investors' money to buy policies at less than face value then collected benefits when the insured people died.

Thirty-nine-year-old Christian Allmendinger showed no reaction Wednesday as the verdict. He was convicted on all federal charges of mail fraud, money laundering and securities fraud. His wife and mother wept quietly.

U.S. District Judge Robert Payne in Virginia set sentencing for Aug. 12. He ordered Allmendinger held in custody until he can determine whether the former A&O Life Funds executive's wife has enough money to make him a flight risk.

Allmendinger was led away by a U.S. marshal.

Allmendinger is facing a sentencing guideline range of 22 to 27 years.