BRENT ONCALE OF HOUSTON CONVICTED OF MONEY LAUNDERING” >
THE NEW “FRAUDS” – LIFE INSURANCE SETTLEMENTS >
FROM THE -
JOURNALS of Monte Friesner >
Financial Crime Consultant for WANTED SA >
Saturday November 13, 2010 >
WANTED SA has learned today that a Houston, Texas individual pleaded guilty in U.S. District Court in Richmond, Virginia yesterday for his role as a principal of the A&O entities, a group of businesses that acquired and marketed more than $100 million of Investments in Life settlements to more than 800 innocent victims across the United States and Canada.
Brent Oncale who is 36, pleaded guilty to “Conspiracy to Commit Mail Fraud and Conspiracy to Commit Money Laundering involving more than $50 million in losses to investors. He faces a maximum penalty of five years in prison and a $250,000 fine on each count.
According to court documents, Oncale admitted to making misrepresentations to investors about A&O. Oncale also admitted that he and his co-conspirators failed to inform A&O investors that the vast majority of investor money was used for purposes wholly unrelated to purchasing and maintaining portfolios of life settlements.
The investigation has been coordinated by the Virginia Financial and Securities Fraud Task Force, a partnership between criminal investigators and civil regulators to prosecute complex financial fraud cases in Virginia and across the nation.
Life settlements involve the sale of life insurance policies and are considered the new scam for High Yield Programs which do not exist. (More on this latest Scam to follow)
WANTED SA thanks all the parties, law enforcement and securities forces who have contributed to this article and their sincere opinions and statements.
The facts and opinions stated in this article are those of the author and not those of WANTED SA. WANTED SA does not warrant the accuracy of any facts and opinions stated in this article; does not endorse them, and accepts no responsibility for them.