Head Of Texas Firm Pleads Guilty To Securities Fraud

Law360, New York (September 30, 2010, 2:23 PM EDT) -- Michael Wallens Sr., the former president of Houston-based W Financial Group LLC, has pled guilty to charges he fraudulently marketed over $17 million worth of securities to more than 180 investors.

Wallens entered a guilty plea Wednesday in the U.S. District Court for the Northern District of Texas for one count of securities fraud surrounding the sale of collateral secured debt obligations, notes that were supposed to be secured by automobile assets.

He faces at maximum a penalty of five years in prison, a fine of...
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