Two years of investigations culminated in the program losing one scholarship for both the 1993–94 and 1994–95 academic years, and a postseason ban for the 1992–93 season, As a high school senior, Wallace was named to the 1992 McDonald's All-American Team, alongside notable future NBA and college players Jason Kidd, Tony Delk, and Corliss Williamson.
A two-year investigation led to the program facing consequences, including losing scholarships for both the 1993–94 and 1994–95 academic years, and a postseason ban for the 1992–93 season. As a high school senior, Wallace was recognized as one of the top players in his class by being named to the 1992 McDonald's All-American Team alongside other future NBA and college stars.