SAN ANTONIO — Two Lubbock men, Joshua Allen and Michael Cox, made their initial appearances in federal court on Thursday following a July 2 indictment charging them with their alleged roles in a multi-million-dollar Ponzi fraud scheme involving hundreds of victims.
The indictment accuses Allen and Cox of jointly owning and operating four investment companies—Ferrum Capital LLC, Ferrum II LLC, Ferrum III LLC, and Ferrum IV LLC. Alongside co-defendant Brooklynn Chandler Willy of San Antonio, they allegedly solicited investors under false pretenses, promising secure returns while concealing high commissions and misrepresenting the nature of the investments.
Willy, who owns Chandler Capital Holdings and Queen B Advisory LLC doing business as Texas Financial Advisory (TFA), was previously arrested in December on separate fraud and obstruction charges. TFA purported to provide asset management and financial planning services…