Russell Mackert, a 51 year old attorney from Spring Texas admitted in U.S. District Court in Richmond, VA that he helped to facilitate a huge life insurance fraud scheme that stole over $100 million from innocent insurance policyholders and investors.
Mackert plead guilty to conspiracy charges stemming from his work as an attorney for A&O Entities, which is a group that collectively dealt in over $100 million of fake investments marketed to over 800 investors in the U.S. and Canada. Many of those victims were elderly retirees.
The plea involved the admission by Mackert to making material misrepresentations and omissions to investors about the money they were investing. He also failed to inform investors that the vast majority of the money invested was being used for purposes wholly unrelated to the purchase and maintenance of fund portfolios as had been promised to investors.
Mackert faces 25 years in prison on combined charges, as well as $500,000 in fines.
