The 6'2" guard from Huntsville, Alabama played college basketball for Georgetown University where he was the school's all-time three-point shooting leader in both percentage (43.4 percent) and field goals made (240).

Wallace attended Sparkman High School in Harvest, Alabama, where he averaged 16.5 points, 4.1 assists, 3.1 rebounds and 2.4 steals per game.

Wallace also served as a member of Sparkman High School's We the People: The Citizen and the Constitution team in 2004 when it earned fourth place in the national competition.

Wallace finished the season averaging 11.4 points, 3.1 assists, 2.7 rebounds, and .8 steals during 32.2 minutes, and shot an exceptional 49% from three-point range.

[4] In November 2009, the Rio Grande Valley Vipers selected Wallace in the second round of the 2009 NBA Developmental League (D-League) draft.

[9] In August 2016, Georgetown University announced that it had hired Wallace to return to the school's basketball program as a special assistant to coach John Thompson III.