Business
Lubbock Ponzi schemers face up to 70 years in federal prison - Odessa American
A federal jury in San Antonio convicted two Lubbock men, Joshua Allen and Michael Cox, Tuesday afternoon for their roles in a massive Ponzi fraud scheme.
Allen and Cox jointly owned and controlled four investment companies, specifically Ferrum Capital LLC, Ferrum II LLC, Ferrum III LLC, and Ferrum IV LLC. They, along with Brooklynn Chandler Willy of San Antonio and others, actively solicited victims to invest in these entities. Willy, who pleaded guilty to ten counts in March, also owned Chandler Capital Holdings and Queen B Advisory LLC, operating as Texas Financial.
This federal conviction hits close to home, involving individuals from Lubbock entangled in serious financial deception. The verdict brings some resolution for victims who invested in these companies. It also shows the severe consequences for those who orchestrate widespread financial fraud. It underscores the need for careful scrutiny of investment opportunities.
Joshua Allen and Michael Cox now face up to 70 years each in federal prison for their involvement.
Common questions
Who are the Lubbock men convicted in the Ponzi scheme?
- Joshua Allen and Michael Cox are the two Lubbock men convicted by a federal jury. They jointly owned and controlled four investment companies, including Ferrum Capital LLC, which were used in the massive financial fraud scheme.
What was the outcome of the federal trial for the Lubbock schemers?
- A federal jury in San Antonio convicted Joshua Allen and Michael Cox for their roles in a massive Ponzi fraud scheme. The U.S. Attorney for the Western District of Texas announced the verdict following the trial.
How much prison time could the convicted Lubbock men face?
- Joshua Allen and Michael Cox face up to 70 years in federal prison following their conviction. The verdict was announced by the U.S. Attorney for the Western District of Texas after the federal jury found them guilty.
Stay in the loop
Weekly Lubbock news, deals, and events. Free.