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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 attorneys with 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.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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