Local

Son Gets 5 Years Jail For Texas Investment Fraud

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

185992939 10 Son Gets 5 Years Jail For Texas Investment FraudHot Halloween Costumes

3258814 Son Gets 5 Years Jail For Texas Investment FraudTop 10 Horror Films

 alt=Musicians Then And Now

452359772 10 Son Gets 5 Years Jail For Texas Investment FraudMissing Summer?

 alt=Celebrities And Their Dogs

cowb thumb Son Gets 5 Years Jail For Texas Investment FraudCowboys Cheerleaders

DALLAS (AP) - A North Texas man has been sentenced to five years in prison and must repay nearly $13 million over investment fraud.

A federal judge in Dallas has ordered 31-year-old Michael Wallens Jr. of Plano to report to prison Jan. 3.

Prosecutors on Wednesday said Wallens last year pleaded guilty to securities fraud over failed investments in the W Financial Group.

His father, 53-year-old Michael Wallens Sr. of Nantucket, Mass., also pleaded guilty last year to securities fraud and faces sentencing Jan. 7.

A co-defendant, 36-year-old Adley Husni Abdulwahab, has been indicted in Texas on one count of conspiracy and five counts of securities fraud.

Abdulwahab in September was sentenced to 60 years in prison for what prosecutors in Virginia say was his role in a $100 million life insurance scam.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments