{"id":211902,"date":"2026-03-19T20:33:18","date_gmt":"2026-03-19T20:33:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/211902\/"},"modified":"2026-03-19T20:33:18","modified_gmt":"2026-03-19T20:33:18","slug":"ferrum-affiliate-willy-pleads-guilty-to-ten-federal-charges-in-san-antonio-joshua-allen-michael-cox-still-awaiting-trial","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/211902\/","title":{"rendered":"Ferrum affiliate Willy pleads guilty to ten federal charges in San Antonio \u2013 Joshua Allen, Michael Cox still awaiting trial"},"content":{"rendered":"

Brooklynn Chandler Willy, formerly an affiliate of Lubbock-based Ferrum Capital, pleaded guilty Thursday on 10 federal charges.<\/p>\n

Those charges were:<\/p>\n

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

Monetary transactions from unlawful activity<\/p>\n

Aggravated identity theft<\/p>\n

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

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

Willy and Lubbock businessmen Joshua Allen and Michael Cox were accused of stealing millions of dollars from hundreds of victims \u2013 mostly in Texas but other states as well. Criminal charges remained pending for Allen and Cox Thursday.<\/p>\n

While the criminal charges did not use the term Ponzi scheme to describe the Lubbock investment company, numerous lawsuits across Texas did.<\/p>\n

Willy\u2019s first indictment in late 2024 included charges of obstruction and making a false statement to the FBI and aggravated identity theft. She was reindicted in early 2025, then indicted one more time alongside Allen and Cox for securities fraud and other charges in mid-2025.<\/p>\n

The FBI and IRS opened a 2023 criminal investigation in San Antonio and Lubbock, her first indictment said. When the FBI asked her questions about victims who lost money in Ferrum, she lied, according to her first indictment.<\/p>\n

Willy\u2019s sentencing was scheduled for September 28. That\u2019s after Allen and Cox are scheduled for trial in August.<\/p>\n

The court docket indicated a plea agreement exists, however, it was not yet available from the federal court system website at the time of this report. This story will be updated when possible to reflect details of the agreement.<\/p>\n

Most of the charges against Willy carry a maximum penalty of 20 years and can be served concurrently \u2013 meaning she could serve all the sentences at the same time for a lower total time behind bars. However, aggravated identity theft is an exception. It carries a mandatory two year consecutive sentence \u2013 meaning she would have to serve that time above and beyond any other sentence.<\/p>\n

Timeline<\/p>\n

2017<\/p>\n

Allen and Cox started Ferrum Capital.<\/p>\n

2018-2022<\/p>\n

Ferrum collected money from people in the form of interest-bearing notes at 8-10 percent interest. Company insiders were taking a percentage, according to documents filed in criminal cases.<\/p>\n

Ferrum loaned most of the money to Collins Asset Group, an Austin-based debt collection company. Later lawsuits would claim the business model was never profitable.<\/p>\n

2020<\/p>\n

Willy was fined by state regulators and ordered to pay back commissions. Regulators ruled she was selling unregistered securities.<\/p>\n

2023<\/p>\n

First-round Ferrum investors are paid back with interest by recruiting a new round of investors. Using new investors to pay previous investors becomes the basis of \u201cPonzi scheme\u201d claims in various lawsuits. Insiders are taking a percentage. Willy, Allen and Cox \u201clied about their high commissions, [and] lied and misled about the collateral securing the investments,\u201d criminal case records said.<\/p>\n

FBI and IRS began a criminal investigation.<\/p>\n

Collins Asset Group defaulted on its loan payments to Ferrum in July, according to one of the lawsuits filed in San Antonio. Ferrum then defaulted to its investors. A series of lawsuits began in October 2023.<\/p>\n

2024<\/p>\n

Cox filed for bankruptcy. The registry in the case listed $82 million in claims. Later court records would refine the number to $67 million.<\/p>\n

A federal grand jury in San Antonio issued the first indictment in the case.<\/p>\n

2025<\/p>\n

The most recent indictment named Willy, Allen and Cox together.<\/p>\n

Collins Asset Group filed for bankruptcy.<\/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\"Feds\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\tFeds update charges against Willy in Lubbock-based Ferrum Capital case, could take her assets<\/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 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

Ferrum was taken into receivership by a judge in San Antonio (in January 2024) during one of the lawsuits. Attorneys for the victims and the court-appointed receiver continue their efforts to recover money for the victims. <\/p>\n

LubbockLights.com covered the story extensively since December 2024. Use the story links above or click here to see our coverage<\/a>. <\/p>\n

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

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

Related posts\t<\/p>\n","protected":false},"excerpt":{"rendered":"Brooklynn Chandler Willy, formerly an affiliate of Lubbock-based Ferrum Capital, pleaded guilty Thursday on 10 federal charges. Those…\n","protected":false},"author":2,"featured_media":211903,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[168,170,169],"class_list":["post-211902","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\/211902","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=211902"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/211902\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/211903"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=211902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=211902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=211902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}