{"id":190241,"date":"2026-03-04T15:35:15","date_gmt":"2026-03-04T15:35:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/190241\/"},"modified":"2026-03-04T15:35:15","modified_gmt":"2026-03-04T15:35:15","slug":"feds-update-charges-against-willy-in-lubbock-based-ferrum-capital-case-could-take-her-4-3-million-home-other-assets","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/190241\/","title":{"rendered":"Feds update charges against Willy in Lubbock-based Ferrum Capital case, could take her $4.3 million home, other assets"},"content":{"rendered":"

Brooklynn Chandler Willy stands to lose her home, estimated at $4.3 million (according to tax records), and whatever cash and assets federal officials gather from her if she\u2019s convicted in the latest round of criminal charges against her.<\/p>\n

Prosecutors filed an update to her criminal case last week, which included their intention to take certain property if she\u2019s convicted.<\/p>\n

\"JoshuaJoshua Allen<\/p>\n

The case is tied to Lubbock-based Ferrum Capital and two Lubbock businessmen \u2013 Joshua Allen and Michael Cox. The three are accused of using Ferrum \u201cto steal millions of dollars from hundreds of victims.\u201d The victims come from all over the nation but were concentrated in Lubbock and San Antonio, according to official records.<\/p>\n

San Antonio-based Willy was first indicted in late 2024. She was then reindicted (securities fraud and other charges) along with Allen and Cox \u2013 cofounders of Ferrum \u2013 in 2025, which LubbockLights.com covered extensively here<\/a>. <\/p>\n

The latest charges are:<\/p>\n

Wire fraud (six counts)<\/p>\n

Engaging in monetary transactions in property derived from specified unlawful activity<\/p>\n

Aggravated identity theft<\/p>\n

Conspiracy to commit wire fraud<\/p>\n

Conspiracy to commit money laundering<\/p>\n

Willy\u2019s cases from 2024 and 2025 were on track to likely be combined into one for a plea deal, according to the San Antonio Express News roughly a month ago. Her 2024 case has a March 13 deadline for a plea agreement.<\/p>\n

\u201cWe\u2019re in negotiations with Ms. Willy\u2026,\u201d the Express News quoted U.S. Attorney Joseph Blackwell as saying in a court hearing in San Antonio.<\/p>\n

One example \u2013 false line of credit<\/p>\n

The latest charges tell the story of six victims. One example \u2013 victims 1 and 2 are a married couple who live in the Western District of Texas (which stretches from El Paso to east of Waco and includes San Antonio).<\/p>\n

\u201cAt Willy\u2019s recommendation, in or around March of 2018, victim 1 and victim 2 invested money into an investment company based in Lubbock, Texas named Ferrum Capital,\u201d the newest court record said.<\/p>\n

The value of the 2018 investment was not disclosed. There was another round in 2021.<\/p>\n

\u201c[They] agreed to invest $500,000 into an entity controlled by the owners of Ferrum Capital through two notes of $250,000 each,\u201d court records said.<\/p>\n

These were loans or \u201cnotes\u201d at 12 percent interest for one and three years respectively. Court records said the two were supposed to get a contract with Ferrum. But that\u2019s not what happened.<\/p>\n

\u201cThis check was deposited into the Chandler Capital bank account controlled by Willy. The $500,000 was never sent to Ferrum Capital or any other company owned or controlled by the owners of Ferrum Capital. Instead, Willy used this money for her own purposes, including payments to a credit card \u2026,\u201d court records said.<\/p>\n

The 2021 money never went to Ferrum.<\/p>\n

In November 2023, the FBI and IRS began a criminal investigation. Willy was ordered to turn over records which included a revolving line of credit with victims 1 and 2.<\/p>\n

\u201cIn truth, the revolving line of credit agreement and promissory note were false. Neither victim 1 nor victim 2 signed the false revolving line of credit agreement and false promissory note nor agreed to their terms,\u201d court records said.<\/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 delayed for Ferrum co-founders Joshua Allen and Michael Cox, Willy negotiating plea deal with feds<\/a><\/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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

\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

Lubbock connection and accusations of money laundering<\/p>\n

Allen and Cox remain charged from a July indictment. The new round of charges against Willy mentioned the two and accused them of conspiracy to launder money.<\/p>\n

\u201cApproximately $926,000 of investor funds were funneled to Willy through a third-party to conceal the source of the funds,\u201d court records said.<\/p>\n

\"BrooklynnMichael Cox<\/p>\n

\u201cAllen, Cox, Willy and others acting at their direction, lied and misled investors concerning the nature of the investments into the Ferrum Entities, lied about their high commissions, lied and misled about the collateral securing the investments, and lied and misled about the security of the investments,\u201d court records said.<\/p>\n

While the newest criminal charges against Willy do not use the term Ponzi scheme, numerous lawsuits have.<\/p>\n

Overall the criminal case described it this way.<\/p>\n

\u201cThe second round of investors lost most or all of their investment while Allen, Cox, Willy and others made millions collectively.\u201d <\/p>\n

court records<\/p>\n

\u201cThe investor agreed to lend money to Ferrum Capital for the purpose of Ferrum Capital lending that money (alone or in aggregate with other investors) to an Austin, Texas-based affiliated company (\u2018Debt Buying Company\u2019),\u201d court records said<\/p>\n

The Austin company wasn\u2019t named, but lawsuits and bankruptcy records revealed it as Collins Asset Group.<\/p>\n

Collins used Ferrum money to purchase bad debts and collect them \u2013 or at least try to collect them. If it worked, the whole thing would make money. But lawyers in the various lawsuits claimed this model was never going to work and was a scheme from the beginning.<\/p>\n

Allen, Cox and Willy recruited new investors to pay back the old ones, the new round of criminal charges claimed.<\/p>\n

\u201cThe second round of investors lost most or all of their investment while Allen, Cox, Willy and others made millions collectively,\u201d court records said.<\/p>\n

U.S. District Judge Fred Biery issued an order Tuesday for Willy to show up in court on March 17. LubbockLights.com will continue to monitor court records for a plea deal between now and the March 13 deadline.<\/p>\n

If convicted on all counts, the statutory maximum for Willy would be more than 170 years. The actual sentence would depend on the outcome of a plea bargain or a trial.<\/p>\n

LubbockLights.com was able to find records on Willy\u2019s 7,400-square-foot home. It was (and still is) the subject of a 2020 bank lien.<\/p>\n

\n\tRelated\n<\/p>\n

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

Related posts\t<\/p>\n","protected":false},"excerpt":{"rendered":"Brooklynn Chandler Willy stands to lose her home, estimated at $4.3 million (according to tax records), and whatever…\n","protected":false},"author":2,"featured_media":190242,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[168,170,169],"class_list":["post-190241","post","type-post","status-publish","format-standard","has-post-thumbnail","category-lubbock","tag-lubbock","tag-lubbock-headlines","tag-lubbock-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/190241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=190241"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/190241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/190242"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=190241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=190241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=190241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}