Read the latest news relating to investor claims and broker fraud.

Prison and $13 Million Restitution Ordered in Securities Fraud Case

Posted on Nov 21, 2011

31-year-old Michael Wallens, Jr. has been sentenced by a federal judge for his part in an alleged investment fraud in which he pleaded guilty to one count of securities fraud. The court has ordered Mr. Wallens to serve five years in prison and to pay $13 million in restitution to his victims. His father, Michael Wallens, Sr. is scheduled to be sentenced in January for his alleged part in the investment fraud.

The father and son were principals in the W group and are accused of selling promissory notes. They reportedly told investors that they would put their money in government or corporate AAA bonds, qualified receivables, or insured notes. However, it is alleged that the money was instead used to purchase a used car dealership and other personal interests.

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