Joshua Allen cannot push back his trial date for securities fraud, a federal judge ordered. The Lubbock businessman and co-founder of Ferrum Capital is under federal indictment along with Michael Cox for securities fraud and other charges.
Allen asked for a continuance (delay) in June to push back his August 10 trial date. Prosecutors objected, saying witnesses were already under subpoena and travel plans had already been made for the trial in San Antonio.
Fred Biery, U.S. District Court Judge, denied the request without explanation on June 22.
Allen’s attorney, Anthony Box, filed a status update with the court on the same day.
Box confirmed what federal prosectors had previously said in their status update – writing, “Currently, there are no plea negotiations taking place.”
“Early in this matter, counsel for the government and counsel for Mr. Allen discussed the government’s requirements for a plea deal,” Box wrote.
But nothing came of it and Box also wrote, “Mr. Allen would like to exercise his constitutional rights at trial.”
Allen and Cox are accused of using Ferrum as a Ponzi scheme in lawsuits filed against them. Criminal court records claimed the company took $67 million from hundreds of victims – often in the Lubbock or San Antonio areas.
Their San Antonio business affiliate, Brooklynn Chandler Willy, accepted a plea deal this year for wire fraud, aggravated identity theft, conspiracy to commit wire fraud and conspiracy to commit money laundering.
She’s scheduled to be sentenced in September.
