Texas Father and Son Plead Guilty in Investment Fraud Case
Michael K. Wallens, Jr., of Plano, Texas, has pleaded guilty to securities
fraud. He has been sentenced to five years in prison, and he will also
have to pay out $13 million in restitution. His father Michael Wallens,
Sr., of Spring, Texas, also pleaded guilty to securities fraud earlier
this year in the case, but he has not yet been sentenced.
According to court documents, the Wallens preyed mostly on elderly investors and allegedly enticed them with promises of a safe and conservative investment in secured debt obligations. Unfortunately, the Securities and Exchange Commission (SEC) says that the Wallens used investor cash to make risky energy, real estate, and other unauthorized investments through their W Financial Group. The SEC has accused the Wallens and alleged co-conspirator, Adley H. Abdulwahab, of lying to investors about the safety of their investments. The trio apparently took in a total of $17.9 million in the alleged investment scam.
The experienced and respected investment fraud attorneyswith Meyer Wilson represent investors who have lost money in investment scams, securities fraud, and Ponzi schemes in mediation, arbitration, and litigation against stockbrokers and financial advisors nationwide.