{"id":39946,"date":"2025-11-07T19:02:18","date_gmt":"2025-11-07T19:02:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/39946\/"},"modified":"2025-11-07T19:02:18","modified_gmt":"2025-11-07T19:02:18","slug":"fbi-asks-ferrum-victims-to-come-forward-while-receiver-aggressively-seeks-immediate-payments-to-victims","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/39946\/","title":{"rendered":"FBI asks Ferrum victims to come forward, while receiver aggressively seeks immediate payments to victims"},"content":{"rendered":"

The FBI has asked Ferrum Capital victims to come forward. Meanwhile, Ferrum\u2019s court-appointed receiver is aggressively seeking repayments for victims in a bankruptcy case related to the Lubbock-based company accused of securities fraud.<\/p>\n

Company co-owners Joshua Allen and Michael Cox, both of Lubbock, are currently under federal indictment for securities fraud. Their San Antonio business affiliate, Brooklynn Chandler Willy, is also under federal indictment, which LubbockLights.com covered extensively in the links below.<\/p>\n

Ferrum Capital coverage (click here for all stories)<\/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

An October 1 statement from the FBI said, \u201c\u2026 More than 400 investors invested over $100 million with Allen, Cox, and Willy, who together orchestrated a scheme to defraud investors.\u201d<\/p>\n

\u201cThey also used new investor money to lull earlier investors. The use of new investor funds to pay returns to prior investors is characteristic of Ponzi fraud schemes,\u201d statement said.<\/p>\n

The FBI asked anyone who is a victim to fill out a form online<\/a>. <\/p>\n

The full FBI statement is copied below:<\/p>\n

FBI Statement<\/p>\n

Seeking Potential Victims of Joshua Allen, Michael Cox and Brooklynn Chandler Willy, Ferrum Investment Fraud Scheme<\/p>\n

October 1, 2025<\/p>\n

The FBI\u2019s San Antonio Division and the Internal Revenue Service Criminal Investigation (IRS-CI) are seeking to identify potential victims of Joshua Allen, Michael Cox and Brooklyn Chandler Willy, who have recently been indicted for conspiracy to commit wire fraud, conspiracy to commit money laundering and securities fraud.<\/p>\n

According to the joint FBI and IRS-CI investigation, more than 400 investors invested over $100 million with Allen, Cox and Willy, who together orchestrated a scheme to defraud investors in Texas and elsewhere through Ferrum entities to include Ferrum Capital, Ferrum II, and Ferrum IV. Allen, Cox, and Willy misled investors by promising investors significant returns on their investments while downplaying the risk involved with the highly speculative investments, lying about Allen, Cox and Willy\u2019s high commissions and lying about the collateral securing Ferrum investments.<\/p>\n

Collectively, Allen, Cox, and Willy made millions of dollars from investors\u2019 money and used the proceeds for personal expenses. They also used new investor money to lull earlier investors. The use of new investor funds to pay returns to prior investors is characteristic of Ponzi fraud schemes.<\/p>\n

The FBI is legally mandated to identify victims of federal crimes that it investigates and provide these victims with information, assistance services and resources. If you believe you are a victim of the Allen, Cox, and Willy investment scheme, please complete this short questionnaire<\/a>.<\/p>\n

If you have already provided information to the FBI or IRS-CI, it is not necessary to respond to this questionnaire.<\/p>\n

Your responses are voluntary but would be useful in the federal investigation and to identify you as a potential victim. Based on the responses provided, you may be contacted by the FBI or IRS-CI and asked to provide additional information.<\/p>\n

An indictment is merely an allegation. The defendants are presumed innocent until proven guilty beyond a reasonable doubt.<\/p>\n

Ferrum is accused of wrongdoing in a series of lawsuits, which paint a picture of Ferrum taking money from victims in Lubbock, San Antonio and other places. Ferrum turned over roughly $47 million to Collins Asset Group, a debt collection company, court records said. Collins then handed over some amount of that money to its parent company Oliphant, according to the suits.<\/p>\n

Lawsuits said Collins defaulted to Ferrum in late 2023 which then defaulted to its investors. LubbockLights.com covered the forensic accounting<\/a> of that money here. Collins filed for bankruptcy in June.<\/p>\n

In one of the lawsuits, Ferrum was put under the control of receiver John Patrick Lowe. His job is to get back money for the victims who sued in a San Antonio case.<\/p>\n

Lowe filed claims in the bankruptcy case for roughly $66 million and accused Collins\u2019 parent company, Oliphant, of having \u201cwrongfully siphoned off millions of dollars from the Ferrum Capital collateral to which they are not entitled.\u201d<\/p>\n

Collins filed a document in the bankruptcy saying it owns more than $7.8 million of consumer debt that acts as collateral for Ferrum.<\/p>\n

Lowe claimed Ferrum is \u201csubstantially under collateralized.\u201d<\/p>\n

\u201cThe Oliphant Parties control the collateral and the accounting for the collateral. \u2026 The Oliphant Parties refuse to provide the Receiver [Lowe] any meaningful accounting of what they collect from the collateral or how much it has cost to collect from the collateral.\u201d<\/p>\n

\u201c[Collins] \u2026 and Oliphant Parties wrongly claim that they are entitled to at least 65 percent of collections on the Ferrum Capital consumer account debt collateral,\u201d Lowe wrote.<\/p>\n

He wants the bankruptcy judge in San Antonio to remove certain legal protections normally in place for Collins during the bankruptcy. Lowe wants to go after that money now and he went so far as to request an expedited hearing.<\/p>\n

The judge granted a hearing for November 10.<\/p>\n

\u201cThe value of the Receiver\/Ferrum Capital collateral has eroded and will continue to erode as this case continues,\u201d Lowe wrote.<\/p>\n

Lowe wants to take legal action against debt Oliphant owes Collins which ultimately traces back to Ferrum. But he cannot do that until bankruptcy protections are lifted by the judge.<\/p>\n

Among other things, Lowe wants to recover more than $2 million he says is already collected from consumer debt and \u2013 according to Lowe \u2013 is tied to Ferrum\u2019s rights.<\/p>\n

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

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

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