Lubbock businessmen Joshua Allen and Michael Cox face a tentative September 15 trial date in federal court for three counts of conspiracy and one count of securities fraud.
A federal judge in San Antonio, Fred Biery, set a schedule for the criminal case Tuesday including the trial date and a September 5 deadline to reach a plea deal.
Brief recap
Allen and Cox started Ferrum Capital in 2017 and began to solicit investors, according to their indictment.
“Allen, Cox, and Brooklynn Chandler Willy used Ferrum Capital, Ferrum II, Ferrum III, and Ferrum IV (collectively ‘Ferrum Entities’) to steal millions of dollars from hundreds of victims,” the indictment said.
While the company was based in Lubbock, Willy, was a radio host and financial advisor in San Antonio. The victims put up $67 million, according to the indictment.
“Allen, Cox, and Willy mislead investors regarding their commissions, the security of the investment, and the nature of the investment. … Most of the investors lost some or all of their investment.” the indictment said.
While the indictment did not use the phrase “Ponzi scheme,” numerous lawsuits did.
Brooklynn Chandler Willy does not have a trial date yet for the July indictment but needs to show up for a court appearance on July 29.
While Allen and Cox face multiple counts in a single indictment, the charges again Willy are a little more complicated. Willy, like Allen and Cox, was indicted in early July.
However, Willy was first indicted in December for obstruction and aggravated identity theft. She was indicted again in January with additional charges of wire fraud and securities fraud.
Federal judge Xavier Rodriguez (also in San Antonio) previously set an August deadline for attorneys in the Willy case – specifically the January indictment – to reach a plea deal. That’s now pushed back to January 2026.
All three have been allowed to post bond and remain free while their cases are pending.
