Exec Gets 5 Years For $17M Investor Scam

Law360, New York (November 9, 2011, 7:49 PM EST) -- A Texas federal judge has sentenced a former executive of Houston-based W Financial Group LLC to five years in prison for scamming investors who bought more than $17 million worth of securities from the firm, federal prosecutors said Wednesday.

Michael Wallens Jr., 31, was also ordered to pay nearly $13 million in restitution for his role in a scheme that misrepresented the company's history and the safety of putting money in the debt obligations to investors, according to the U.S. Attorney's Office for the Northern District...
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