SAN ANTONIO, Texas (KCBD) – Two Lubbock men appeared in federal court Monday as their trial opened before a jury in a case involving an estimated $60 million and roughly 500 investors.
Joshua Allen and Michael Cox are accused of misleading investors, concealing high commissions, and lying about the nature of investments. If convicted on all charges, they face up to 70 years in prison.
Opening statements
The courtroom drew a large enough crowd that the judge is considering setting up an overflow room.
U.S. Attorney Joseph E. Blackwell told the jury the defendants created a money-making machine that needed a constant flow of investors to keep it running. He said prosecutors will show the jury where the money went.
Defense arguments
Both defense attorneys told the jury their clients are not guilty…