Wallens pleaded guilty to securities fraud over failed investments in the W Financial Group.
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.