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Texas Man Indicted in $17 Million Securities Fraud Case

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.

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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