Two of Joshua Allen’s investors in the Amarillo Walk-On’s were granted $575,000 (plus interest) after a judge said there was evidence to support claims Allen committed a breach of duty – but not enough evidence to support claims the Lubbock businessman practiced securities fraud.
Updated story link: Looking into Walk-On’s judgment reveals Dak Prescott investment; claims Allen mixed Ferrum/Walk-On’s funds
State District Court Judge John Grace signed a judgment Wednesday granting the $575,000 to Jeffrey Tait Crow and Raiderland Holdings (owned by Chance Britt). But that’s in addition to a previous settlement paid by Johnny Qubty.
Allen and his company WTX WO must pay:
- $150,000 to Crow – minus a $35,000 settlement “for a net judgment of $115,000.” There is also pre-judgment interest of more than $16,000.
- $600,000 to Raiderland – minus a $140,000 settlement for “a net judgment of $460,000.” There is also pre-judgment interest of nearly $66,000.
Walk-on’s opened in Amarillo in 2020 according to court records. But then, according to a video on myhighplains.com, it went to corporate ownership in 2023.
In their lawsuit, Tait and Raiderland accused Allen and Qubty of diverting $3 million from the operation and not telling fellow investors. LubbockLights.com covered the lawsuit here.
The case went to trial in June. The judge indicated he wanted time to consider the testimony and render a verdict later, which happened officially on Wednesday. But he informally ruled in an email to attorneys in the case on Monday.
Allen was recently indicted for conspiracy and securities fraud in a different case. Click here to see our coverage of Ferrum Capital.
One of Allen’s attorneys, Nick Olguin, spoke to us after the lawsuit went to trial, saying, “They have to prove Josh Allen did something wrong. They didn’t do it.”
The judge disagreed.
This was originally posted as a developing story. Please click here for the update.
Clarification: An earlier version of this story correctly reported the pre-judgment interest but listed those numbers in the wrong order.
