Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, June 13, 2024 | Back issues
Courthouse News Service Courthouse News Service

Scam Took Millions From Elderly, SEC Says

DALLAS (CN) - W Financial Group defrauded investors, most of them elderly, of $18 million by selling bogus "secured debt obligations," the SEC claims in Federal Court. WFG principals Adley Abdulwahab, 32, Michael Wallens Sr., 51, both of Spring, and Michael Wallerns Jr., 28, of Plano, falsely claimed WFG had a 17-year record of success, though they set it up in 2006 to run this scam, the SEC says.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.