LUBBOCK, Texas (KCBD) – Two Lubbock investors say they have recovered their money after a court-appointed receiver struck an $835,000 deal to buy out businessman Joshua Allen’s share in nine companies.
The investors say their checks are in hand, covering their initial investment plus post-judgment interest. It took nearly a year and a legal hunt for assets.
“You know, it’s like scratching a lottery ticket and going, wow, the last number matched,” Chance Britt said.
Britt just cashed a check for money he fought to get after a 2018 investment went sour.
“It’s been a long road. It’s been a lot of years,” Britt said.
Legal battle and trial
Britt and investor Crow sued Allen last year, saying Allen recruited them in 2018 to invest in expanding a restaurant franchise.
Crow invested $150,000. Britt invested more than $500,000.
When the case went to trial last June, they testified they never saw a dime.
“It’s kind of like a mouse in a mousetrap. I don’t even want the cheese anymore. I just went out of the trap,” Crow said.
The judge ordered Allen to pay back their investments plus post-judgment interest.
But months passed, and they still had not been paid.
The judge put a court-appointed receiver in charge of Allen’s non-exempt assets, including his stakes in multiple companies.
By March, the receiver reached a buyout deal for Allen’s stake in nine companies, clearing the way for repayment.
Britt and Crow say that by the end of May, they had their money.
“When I got that check in my hand, I immediately went straight to the bank,” Crow said.
Federal indictment
About a month after the civil trial, Allen and others were indicted in a separate federal case. They are accused of running a multi-million-dollar Ponzi scheme through a company called Ferrum Capital and its entities.
Investors in that case have filed their own civil lawsuits. Crow says some of those investors are his clients.
“It’s bittersweet for me. Yes, I was lucky enough to get my money back — but I don’t know it’s going to be the same for my clients. And that’s a hard pill to swallow,” Crow said.
Allen’s attorney declined to comment. The federal court proceedings are scheduled for August.
One of Allen’s business affiliates, Brooklynn Chandler Willy, pleaded guilty in March to 10 federal felony charges. Her sentencing is scheduled for September.
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