In the federal indictment against Joshua Allen and Michael Cox, there’s a line saying, “Allen told one victim it would take ‘Jesus coming back’ for there to be a problem with his investment into Ferrum Capital.”
On Friday in San Antonio federal court, people heard Allen say it during the testimony of retired Lubbock dentist Jay Adkins, who secretly recorded a meeting he had with Allen. Adkins, like so many others, put money into Ferrum Capital.
Then when one of Allen’s attorneys cross-examined Adkins, they got into a spirited back-and-forth about faith, which the prosecution has said the defendants used to build trust.
“Some of his statements were not truthful,” Adkins told attorney Eddie Mendoza, adding, “I am a true man of faith.”
Mendoza asked about Allen being a man of faith.
“No – I know he professes it,” Adkins said.
Mendoza asked if Adkins thought he could pass judgment, saying at one point, “You don’t know what was going on in his mind?”
Adkins then questioned Allen’s heart.
Mendoza said Allen brought up Jesus to help connect with Adkins, who then said Allen did it “to make me get the investment.”
Adkins was the final person to testify for the prosecution, which rested its federal fraud case against Allen and Cox late Friday morning. Besides Adkins, the court heard from six other people who lost money.
Allen and Cox are charged with securities fraud and multiple conspiracy counts. Criminal records and civil lawsuits filed against them accuse the two of using Lubbock-based Ferrum Capital as a Ponzi scheme.
Thanks! We reached our fundraising goal for travel costs to cover Ferrum Capital trial in San Antonio
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We started covering the pre-trial hearing Friday, August 7 and will be here through the vedict.
There was a financial challenge. The trial is not in Lubbock, but San Antonio. Lubbock Lights doesn’t have a travel budget because the stories we do are almost all in Lubbock.
We expected this to cost a minimum of $4,000 for hotels and gas. We’ve stayed a midscale hotel close to the courthouse. We are not using donations for food.
We’ve now raised $4,115. Thanks to those who’ve donated.
In the interest of full disclosure, three witnesses for the prosecution donated: Pamela Herndon, Terry and Susan Hunter, Butch and Holly Boyd. Pamela, Susan and Holly testified.
Terry Greenberg
Editor
Read our series on Ferrum
LubbockLights.com covered Ferrum for more than a year-and-a-half.
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Judge denies Allen’s request to push back criminal trial set for August 10
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Ferrum Capital investors have until September 3 to file a claim — here’s how
June 4, 2026
June 1, 2026
Collection efforts against Joshua Allen in Walk-On’s case successfully completed
May 15, 2026
May 13, 2026
Ferrum victims may have one place to file claims if judge approves at May 19 court hearing
April 28, 2026
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April 13, 2026
March 23, 2026
March 19, 2026
Feds update charges against Willy in Lubbock-based Ferrum Capital case, could take her assets
March 4, 2026
February 4, 2026
Josh Allen may lose companies as one impact from receivers working on Walk-On’s, Ferrum cases
November 25, 2025
November 21, 2025
November 7, 2025
October 8, 2025
Ferrum criminal trial – Allen, Cox and Willy – pushed back until next year
September 5, 2025
Ferrum detour to Delaware ends; what that means for victims in Lubbock, San Antonio
July 29, 2025
Earlier in the morning, both defendants told Judge Fred Biery they do not intend to testify so Biery dismissed the jury before noon, telling everyone to return Monday morning by 8:30 when Allen and Cox’s attorneys will begin their defense. The judge expects the jury to get the case Wednesday afternoon.
Adkins told the court Allen’s father had been his CPA for more than 40 years. He had money he wanted to put in a safe investment to be used for his daughter who has a disability.
When Adkins read documents outlining more risk than he expected, he set up a meeting with Allen, who didn’t know Adkins would record it.
During the meeting in Allen’s office, Adkins asked about risk outlined in documents. Allen responded the investment had a fixed rate and the form Adkins read was a form used for all investments in Texas.
Collins Asset Group
Ferrum loaned money to Austin-based Collins Asset Group. Collins bought distressed debt portfolios for pennies on the dollar. Investors were told if Collins could collect on those debts, everyone would make money.
Collins settled a class action lawsuit in 2020 for nearly $16 million but denied wrongdoing.
Collins defaulted to Ferrum in 2023 according to civil litigation. Ferrum in turn defaulted to its participants. Collins filed for bankruptcy in 2025.
He asked about Ferrum, and Allen responded it was “our company,” going on to say Collins Asset Group (CAG) had a long history of not missing payments.
“So it’s not speculative,” Allen said during the recording.
Allen went on to say both men are Christians and then said the line about Jesus that was referred to in the indictment.
“This is one of the safest things out there,” Allen said on the recording.
Joseph Blackwell, assistant United States attorney, asked Adkins if he was told that CAG had been sued for fraud – and he said he was not.
During cross examination, Mendoza asked Adkins if he knew CAG made no admission of liability in that lawsuit and Adkins said he did not hear that.
Friday witnesses
Michael McGuire
Residence: Houston area
Career: Insurance
Invested: $171,030
Why: Through Brooklynn Chandler Willy
Return: None
Philip McNabb
Residence: Lubbock
Career: Retired dentist
Invested: $290,000
Why: Knew Allen through Allen’s father
Return: $5,200
Tony Newton
Residence: Slaton
Career: Manages cotton gin
Invested: $220,000
Why: Referred to Cox by a friend
Return: $3,000
Cynthia Tarrant
Residence: Seminole
Career: Operational assistant
Invested: $280,000
Why: Her boss, Tommy York (see below), introduced her to Ferrum
Return: $139,792
Don Woods
Residence: Midland
Career: Retired oil & gas
Invested: $1,225,984
Why: Started working with Allen almost 20 years ago
Return: $472,500
Tommy York
Residence: Brownwood, previously Lovington, N.M.
Career: Superintendent in oil and gas industry
Invested: $320,000
Why: Met Cox when York bought a boat from him.
Return: $156,960
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