RICHMOND, Va. (AP) - A federal appeals court in Virginia is set to review a former Texas businessman's conviction in a $100 million life insurance fraud scheme.

A three-judge panel of the 4th U.S. Circuit Court of Appeals will hear oral arguments in Christian Allmendinger's case Friday.

Allmendinger was one of the principals of a group of Houston-based companies known as A&O, which used investors' money to buy life insurance policies at less than face value and then collected benefits when the insured people died. Prosecutors claimed he lied to investors and squandered their money. A jury convicted Allmendinger of mail fraud, money laundering and securities fraud. He was sentenced to 45 years in prison.

Allmendinger was one of nine people convicted in Virginia in two related "life settlement" fraud cases.