{"id":151820,"date":"2026-02-05T07:38:17","date_gmt":"2026-02-05T07:38:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/151820\/"},"modified":"2026-02-05T07:38:17","modified_gmt":"2026-02-05T07:38:17","slug":"criminal-trial-delayed-for-ferrum-co-founders-joshua-allen-and-michael-cox-willy-negotiating-plea-deal-with-feds","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/151820\/","title":{"rendered":"Criminal trial delayed for Ferrum co-founders Joshua Allen and Michael Cox, Willy negotiating plea deal with feds"},"content":{"rendered":"

A federal judge delayed the criminal trial for two Lubbock businessman and their San Antonio-based affiliate \u2013 all accused of securities fraud plus conspiracy to commit both money laundering and wire fraud.<\/p>\n

Joshua Allen and Michael Cox of Lubbock \u2013 both cofounders of Ferrum Capital \u2013 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 \u2013 having previously been scheduled for April.<\/p>\n

The three made the request in person last week during a routine court hearing.<\/p>\n

U.S. District Court Judge Fred Biery wrote of the \u201creasonable period of necessary delay\u201d to get ready for trial.<\/p>\n

\u201cThe 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,\u201d Biery wrote in his order.<\/p>\n

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.<\/p>\n

She\u2019s negotiating with federal prosecutors in both, according to the San Antonio Express News.<\/p>\n

Reporter Patrick Danner quoted U.S. Attorney Joseph Blackwell<\/a> in the hearing as saying, \u201cWe\u2019re in negotiations with Ms. Willy that will probably resolve both of those cases.\u201d<\/p>\n

Her two cases would likely be combined into one for the plea deal, according to Blackwell\u2019s comments as documented by Danner in the Express News. Allen and Cox would likely go to trial.<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Josh\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tJosh Allen may lose companies as one impact from receivers working on Walk-On\u2019s, Ferrum cases<\/a><\/p>\n

\n\t\t\t\t\t\t\tNovember 25, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"$1.2\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t$1.2 million dollar victory for Ferrum victims \u2013 only a fraction of what they lost according to FBI statement<\/a><\/p>\n

\n\t\t\t\t\t\t\tNovember 21, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"FBI\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tFBI asks Ferrum victims to come forward, while receiver aggressively seeks immediate payments to victims<\/a><\/p>\n

\n\t\t\t\t\t\t\tNovember 7, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Where\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tWhere did money in Ferrum Capital go? Answers found in forensic accounting report obtained by Lubbock Lights.com<\/a><\/p>\n

\n\t\t\t\t\t\t\tOctober 8, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Ferrum\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tFerrum criminal trial \u2013 Allen, Cox and Willy \u2013 pushed back until next year<\/a><\/p>\n

\n\t\t\t\t\t\t\tSeptember 5, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Ferrum\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tFerrum detour to Delaware ends; what that means for victims in Lubbock, San Antonio<\/a><\/p>\n

\n\t\t\t\t\t\t\tJuly 29, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Criminal\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tCriminal trial date set for Ferrum\u2019s Allen, Cox; their San Antonio affiliate\u2019s court process pushed back<\/a><\/p>\n

\n\t\t\t\t\t\t\tJuly 24, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Battle\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tBattle to recover millions for victims in Lubbock, San Antonio is also a tug of war between Delaware, Texas<\/a><\/p>\n

\n\t\t\t\t\t\t\tJuly 16, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\u2018Finally\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t\u2018Finally \u2026 in shackles\u2019 \u2013 Ferrum victims \u2018ecstatic\u2019 about criminal charges against Allen and Cox<\/a><\/p>\n

\n\t\t\t\t\t\t\tJuly 10, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Update:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tUpdate: Cox, Allen, co-owners of Lubbock\u2019s Ferrum Capital, charged in federal court, could face 70 years in prison<\/a><\/p>\n

\n\t\t\t\t\t\t\tJuly 9, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"New\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tNew details from Collins bankruptcy show they owed Lubbock-based Ferrum Capital \u2018undetermined\u2019 amount of money<\/a><\/p>\n

\n\t\t\t\t\t\t\tJune 19, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Attorneys\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tAttorneys trying to recover money in Ferrum cases concerned about legal processes moving to Delaware<\/a><\/p>\n

\n\t\t\t\t\t\t\tJune 13, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Two\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tTwo companies tied to Ferrum and securities fraud FBI investigation go bankrupt<\/a><\/p>\n

\n\t\t\t\t\t\t\tJune 9, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tMore people who lost money in Ferrum Capital case ask bankruptcy judge to keep Lubbock businessman Mike Cox accountable<\/a><\/p>\n

\n\t\t\t\t\t\t\tMay 20, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"As\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tAs Cox bankruptcy wraps up, focus shifts to use of Fifth Amendment, possibility of criminal charges in Ferrum \u2018Ponzi scheme\u2019<\/a><\/p>\n

\n\t\t\t\t\t\t\tMay 2, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Cox\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tCox deal to keep his house approved but some of his bankruptcy protections lost<\/a><\/p>\n

\n\t\t\t\t\t\t\tApril 30, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\u2018I\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t\u2018I was shocked and ecstatic\u2026\u2019 family reacts after bankruptcy ruling preserves millions in debt related to Lubbock-based Ferrum Capital<\/a><\/p>\n

\n\t\t\t\t\t\t\tApril 29, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Judge\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tJudge rejects Lubbock man\u2019s efforts to use bankruptcy to avoid millions of debt in Ferrum Capital case<\/a><\/p>\n

\n\t\t\t\t\t\t\tApril 25, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"New\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tNew bankruptcy judge appointed in Lubbock \u2013 to oversee cases across much of West Texas<\/a><\/p>\n

\n\t\t\t\t\t\t\tApril 15, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\u2018They\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t\u2018They robbed people blind,\u2019 says upset Lubbock attorney representing dozens in Ferrum Capital case<\/a><\/p>\n

\n\t\t\t\t\t\t\tMarch 28, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Cox\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tCox bankruptcy case in Lubbock may get new judge, as hundreds wait to see about their millions of lost savings<\/a><\/p>\n

\n\t\t\t\t\t\t\tMarch 28, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Threat\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tThreat illustrates frustration of Ferrum Capital investors, who want to know where money went, if they\u2019ll recover any<\/a><\/p>\n

\n\t\t\t\t\t\t\tMarch 10, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Deal\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tDeal proposed in Lubbock $82 million Mike Cox bankruptcy case could recover small portion for Ferrum participants<\/a><\/p>\n

\n\t\t\t\t\t\t\tMarch 4, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tMore charges filed in San Antonio related to FBI investigation of troubled Lubbock firm; one victim speaks about losing retirement savings<\/a><\/p>\n

\n\t\t\t\t\t\t\tJanuary 27, 2025\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Hundreds\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tHundreds may have lost millions with troubled local company after criminal case extends to Lubbock from San Antonio<\/a><\/p>\n

\n\t\t\t\t\t\t\tDecember 23, 2024\t\t\t\t\t\t<\/p>\n

Recapping background information<\/p>\n

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.<\/p>\n

They \u201corchestrated a scheme to defraud investors in Texas and elsewhere\u201d through Ferrum according to an October 2025 press release from the FBI.<\/p>\n

Allen, Cox, and Willy \u201cmisled investors\u201d about the risk of \u201chighly speculative investments,\u201d according to the statement.<\/p>\n

Willy was the host of a radio show while also promoting Ferrum to her investment customers.<\/p>\n

Numerous lawsuits, which LubbockLights.com covered here<\/a>, accused the company of running a Ponzi scheme.<\/p>\n

Cox filed for bankruptcy as did Ferrum\u2019s partner company, Collins Asset Group.<\/p>\n

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.<\/p>\n

New investors were recruited to pay previous investors until the entire operation ran out of money, according to the various lawsuits.<\/p>\n


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