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.
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.
Additional Reads
-
-
Houston Bar Accuses Law Firm of Scamming Elderly June 21, 2017
-
SEC Says Lawyer ‘Outright Stole’ $9 Million From Clients December 28, 2016
-
Green Building Biz|Was a Scam, SEC Says August 29, 2016