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.

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