First Ex-Abraaj Group Exec Pleads Guilty In Fraud Suit

Law360 (June 28, 2019, 7:55 PM EDT) -- A former managing partner for Abraaj Group on Friday pled guilty in New York federal court to claims arising out of the collapse of the private equity giant, agreeing to cooperate with prosecutors in the criminal proceeding against several firm executives.

Mustafa Abdel-Wadood pled guilty to seven counts in the superseding indictment naming him and five other former Abraaj executives, copping to two charges each of securities fraud and wire fraud, as well as conspiracy claims for racketeering, wire fraud and securities fraud. The counts combined carry a possible prison term of 125 years.

As part of his plea deal Abdel-Wadood...

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April 2, 2019

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