A Texas man, who is currently facing federal charges in Virginia, has been
indicted by a federal grand jury in Texas for his alleged role in a $17
million investment scam. Adley Husni Abdulwahab, of Houston, was indicted
on five counts of securities fraud and one count of conspiracy on Wednesday,
December 15, 2010.
According to the U.S. Attorney’s office in Dallas, Mr. Abdulwahab
was indicted for his role in an alleged $17 million investment scam. Two
co-defendants involved in the fraud case, Michael Wallens Sr., 54, of
Nantucket, Mass., and his son Michael Wallens Jr., 31, of Plano, have
already pleaded guilty to a single count of securities fraud. Both men
face up to five years in prison for their alleged involvement in the scam.
It is believed that the three men used
false information to entice unsuspecting investors. They allegedly used the money to acquire
a car dealership, a power company and other investments.
If convicted, Mr. Abdulwahab could receive up to 20 years in prison for
each of the five securities fraud charges, as well as up to five years
for the conspiracy charge.
Mr. Abdulwahab is currently facing federal charges in Virginia for an alleged
life insurance scam involving nearly $100 million. He currently remains
in custody in the Eastern District of Virginia for his alleged role in the scam.