SAN ANTONIO, Texas (KCBD) – Investors in Ferrum Capital told a federal jury Wednesday their signatures were forged on documents, as the fraud trial of two Lubbock financial advisors continued in San Antonio.
Michael Cox and Joshua Allen are accused of misleading investors, concealing their high commissions and lying about where the money was going. Both deny the accusations, suggesting the business simply failed.
Witnesses for the Justice Department testified about investing hundreds of thousands of dollars in Cox and Allen’s business, Ferrum Capital.
One witness said he did not sign contracts on file with the firm, worth as much as $258,000.
A second witness said she agreed to invest $250,000 in a different business. Because she was injured at the time, Allen filled out a check for her and left the “pay to” line blank. The company reported that money went to Ferrum Capital instead. She told the jury she has not received any of that money.
The trial is expected to last at least two more weeks. If convicted, Cox and Allen face up to 70 years in federal prison.
This is part of an ongoing KCBD Investigates “Testing Trust” series.
Copyright 2026 KCBD. All rights reserved.