federal prosecutor said Monday that a Texas businessman bilked hundreds of investors throughout the country out of more than $100 million

federal prosecutor said Monday that a Texas businessman bilked hundreds of investors throughout the country out of more than $100 million, but his defense attorney argued the only crimes were committed by former business partners.

Christian Allmendinger, 39, of Houston is charged with mail fraud, money laundering, conspiracy and securities fraud. His trial is expected to last up to two weeks.

Allmendinger was one of the founders of A&O Life Funds, which bought life insurance policies from insured people at less than face value, then collected the benefits when those people died and distributed some of the funds to investors. Prosecutors say Allmendinger and his associates illegally portrayed investments as risk-free and misrepresented many aspects of their business, including its size and record of success.

"These were lies that brought in millions of dollars and allowed Mr. Allmendinger to live a lavish lifestyle," federal prosecutor Albert Stieglitz Jr. told a panel of 12 jurors and two alternates. He said investors heard sales pitches replete with lies intended to "lull them into a false sense of security and take their money."