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Plano man gets 5 years in prison
By Bill Conrad, bconrad@acnpapers.com
A Plano man who authorities say was part of an investment fraud team was sentenced to five years in Federal prison and ordered to pay nearly $13 million in restitution after pleading guilty to one count of securities fraud.
Michael K. Wallens Jr., 31, must turn himself in by Jan. 3. His father, Michael Wallens Sr., 53, of Spring, Texas, pleaded guilty to the same charge earlier this year and will be sentenced Jan. 17.
In court filings, the Securities and Exchange Commission claims the defendants sold secured debt obligations to mostly elderly victims, "falsely telling them that their funds would be conservatively invested and the securities they purchased were safe and insured by several layers of coverage."
The investments in question occurred from at least September 2006 to February 2007, and raised $17.9 million from at least 182 investors.
Abdulwahab has not been tried because he was recently sentenced to 60 years in prison by a Federal court in Virginia for his part in a $100 million fraud scheme which included more than 800 victims.
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