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...
To view the full article, register now.



Case Information

Case Title

USA v. Wallens

Case Number



Texas Northern

Nature of Suit

Date Filed

November 8, 2010

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.