Nov 9
2011
2011
Michael Wallens Jr. of Plano was sentenced Nov. 9 to five years in federal prison for the sale of fraudulent promissory notes.
Wallens in 2010 pleaded guilty to count of securities fraud in U.S. District Court in Dallas, as did his father, Michael Wallens Sr.
The Wallenses and another indicted defendant sold the fraudulent notes to approximately 180 investors through their company, W Financial Group (WFG).
They falsely told investors that their money would be held in cash, government, or highly rated corporate bonds.
The State Securities Board and federal authorities investigated the WFG case, which was prosecuted by the U.S. Attorney's Office in Dallas.