LUBBOCK, Texas (LubbockLights) — Two attorneys, both close to the Ferrum Capital lawsuits, told LubbockLights.com that company co-owners Joshua Allen and Michael Cox turned themselves in Wednesday with federal officials in San Antonio. The two Lubbock men were accused in numerous lawsuits of securities fraud and running a Ponzi scheme.
The federal charges were not yet listed online. We’ll provide an update as soon as possible.
RELATED: Lubbock connection to investor fraud scheme, FBI and IRS investigating
So far, only one person was previously charged with a crime in the Lubbock-based Ferrum Capital case. Brooklynn Chandler Willy was indicted for securities fraud and obstruction of an FBI investigation. Her indictment revealed an ongoing FBI investigation in both Lubbock and San Antonio.
Since late 2023, numerous lawsuits accused Allen, Cox and Ferrum Capital (along with others) of selling unregistered securities. Cox filed for bankruptcy in 2024 revealing nearly 400 people or businesses as potential victims and losses estimated at more than $80 million…