Feds Get 2nd Guilty Plea In $17M W Financial Fraud

Law360, New York (November 9, 2010, 4:24 PM EST) -- A second executive of Houston-based W Financial Group LLC has pled guilty to defrauding investors who bought more than $17 million worth of securities from the firm by misrepresenting the company's history and the safety of putting money in the debt obligations.

Michael Wallens Jr. reached a plea deal Friday with the U.S. attorney for the Northern District of Texas that calls for him to turn over all the money and property he accumulated through the scheme.

Prosecutors claim that Wallens owes at least $200,000 that...
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Case Information

Case Title

USA v. Wallens


Case Number

3:10-cr-00314

Court

Texas Northern

Nature of Suit

Date Filed

November 8, 2010

Government Agencies

UK Financial Services

UK Financial Services

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