A federal judge delayed the criminal trial for two Lubbock businessman and their San Antonio-based affiliate – all accused of securities fraud plus conspiracy to commit both money laundering and wire fraud.
Joshua Allen and Michael Cox of Lubbock – both cofounders of Ferrum Capital – and Brooklyn Chandler Willy now have a July 31 deadline to reach a plea agreement. Their trial date is rescheduled for August 10 in San Antonio – having previously been scheduled for April.
The three made the request in person last week during a routine court hearing.
U.S. District Court Judge Fred Biery wrote of the “reasonable period of necessary delay” to get ready for trial.
“The Court further finds that the interest of justice served by taking this action outweighs the best interest of the public and the defendant in a speedy trial,” Biery wrote in his order.
Willy was indicted in late 2024. Then in the summer last year, she was reindicted alongside Allen and Cox. She has two separate federal cases pending against her in San Antonio while Allen and Cox have the one.
She’s negotiating with federal prosecutors in both, according to the San Antonio Express News.
Reporter Patrick Danner quoted U.S. Attorney Joseph Blackwell in the hearing as saying, “We’re in negotiations with Ms. Willy that will probably resolve both of those cases.”
Her two cases would likely be combined into one for the plea deal, according to Blackwell’s comments as documented by Danner in the Express News. Allen and Cox would likely go to trial.
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Recapping background information
A joint FBI and IRS investigation found more than 400 people invested more than $100 million with Allen, Cox and Willy. Many of them lived in the greater Lubbock area or San Antonio.
They “orchestrated a scheme to defraud investors in Texas and elsewhere” through Ferrum according to an October 2025 press release from the FBI.
Allen, Cox, and Willy “misled investors” about the risk of “highly speculative investments,” according to the statement.
Willy was the host of a radio show while also promoting Ferrum to her investment customers.
Numerous lawsuits, which LubbockLights.com covered here, accused the company of running a Ponzi scheme.
Cox filed for bankruptcy as did Ferrum’s partner company, Collins Asset Group.
According to the lawsuits, Ferrum loaned money to Collins Asset Group which in turn was supposed to purchase bad debts and collect. But the lawsuits claimed Collins was never going to collect enough to be profitable.
New investors were recruited to pay previous investors until the entire operation ran out of money, according to the various lawsuits.
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