Crime
TESTING TRUST: Jury finds Allen, Cox guilty on all counts in multimillion-dollar Ferrum Capital case - KCBD
A San Antonio jury convicted Lubbock businessmen Joshua Allen and Michael Cox on all counts, finding them guilty of defrauding hundreds of investors through their company, Ferrum Capital. The verdict came on the seventh day of trial at the San Antonio U.S.
The verdict came on the seventh day of trial at the San Antonio U.S. Courthouse. Allen and Cox faced charges of wire fraud, money laundering, laundering monetary instruments, and securities fraud. Prosecutors estimated their complicated scheme preyed on roughly 500 investors, using misdirection and forgeries to rip off people who trusted them. Both men, operating through Ferrum Capital and related companies, left the courthouse in handcuffs.
This outcome provides a legal resolution for the investors, many likely in our Lubbock area, who saw their trust exploited. It means these businessmen face consequences for their actions. For those individuals, however, the significant sum of money involved in this $60 million case remains entirely unaccounted for, despite the jury's swift convictions.
Common questions
Who are the Lubbock businessmen convicted in the Ferrum Capital case?
- Lubbock businessmen Joshua Allen and Michael Cox were convicted. A San Antonio jury found them guilty on all counts related to defrauding investors through their company, Ferrum Capital, after a seven-day trial at the U.S. Courthouse.
What charges did Joshua Allen and Michael Cox face?
- Joshua Allen and Michael Cox faced charges of wire fraud, money laundering, laundering monetary instruments, and securities fraud. Prosecutors estimated their complex scheme preyed on approximately 500 investors, using misdirection and forgeries to defraud them.
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