LUBBOCK, Texas (KCBD) – A San Antonio jury found former Lubbock financial advisors Josh Allen and Michael Cox guilty in the Ferrum Capital fraud case, which targeted roughly 500 victims.<\/p>\n
Investigators say Ferrum Capital raised $80 million from investors. Conservative estimates show at least $50 million was lost across roughly 500 victims, and $9.2 million went directly into Allen and Cox\u2019s pockets.<\/p>\n
Holly and Butch Boyd traveled to San Antonio for the trial of their former financial advisor, Allen. <\/p>\n
\u201cWe wouldn\u2019t have missed it,\u201d Holly said.<\/p>\n
The prosecution asked Holly to testify and specifically asked her about forged documents used to keep her money invested with Ferrum Capital.<\/p>\n
\u201cIt was like finally, I get to tell my story. It was a long three years. People victim blaming saying you did something wrong, but I got to tell my story in front of a judge and a jury,\u201d Holly said.<\/p>\n
For years, the Boyds saved for their retirement. Now, nearly $200,000 of it is gone.<\/p>\n
Investigators address victims<\/p>\n
In a news conference, investigators addressed the feelings of betrayal shared among the victims.<\/p>\n
\u201cThe defendants used those relationships, personal connections, and credibility through shared religious beliefs to access the victims\u2019 money. Their desire for financial gain came at the expense of people who trusted them. But the victims are not at fault here. Trust is not a weakness. Guilt lies with the people who chose to deceive and exploit that trust,\u201d said Alex Doran, Acting Special Agent in Charge for the San Antonio Field Office in the Federal Bureau of Investigation.<\/p>\n
A jury convicted Allen and Cox on all counts, including conspiracy to commit wire fraud, conspiracy to commit money laundering, and securities fraud.<\/p>\n
\u201cOne of the most disgusting aspects of this case, and the lies that they told, was how they utilized their faith and the reputation in their community, to con their investors. In reality, they prowled around like roaring lions, seeking those who they would devour, using various spiritual themes, and developed trust with their victims,\u201d said Justin Simmons, U.S. Attorney with the Western District of Texas.<\/p>\n
Holly and Butch say this describes their years-long relationship with Allen.<\/p>\n
\u201cJosh has probably been grooming us for 25 years,\u201d Holly said.<\/p>\n
\u201cHe was the deacon in the church, we sat behind him in church. He was on the prayer team. He and Chanda greet people at the door,\u201d Butch said.<\/p>\n
\u201cWho would throw all of that away for money? Josh Allen and Mike Cox is who,\u201d Butch said.<\/p>\n
Recorded call turned over to FBI<\/p>\n
Investor Jay Adkins recorded a call with Allen and turned it over to the FBI.<\/p>\n
Investigators referenced that conversation during the news conference.<\/p>\n
\u201cAt one point, Allen told one of his victims, it would take Jesus himself coming back for this to be a risky investment. In reality, this was the riskiest of investments,\u201d an investigator said.<\/p>\n
Defendants remanded into custody<\/p>\n
Because of what investigators call the egregious nature of the crimes, and concerns over resources still at the defendants\u2019 disposal, U.S. District Judge Fred Biery ordered Allen and Cox remanded into custody.<\/p>\n
It\u2019s a decision the Boyds support.<\/p>\n
\u201cFor three years I have been waking up and this has been on my mind. Today I woke up and I thought about Josh Allen and Mike Cox getting up from their cot and eating their cold biscuits and gravy,\u201d Butch said.<\/p>\n
Allen and Cox face up to 70 years in prison. The judge will determine their sentences in December.<\/p>\n
We asked the Boyds what they hope the sentence will be. <\/p>\n
\u201c70 years,\u201d Holly said.<\/p>\n
\u201cThe max, whatever that is,\u201d Butch said.<\/p>\n
The Boyds say they are hopeful they, and other victims, will recover at least some of what was lost.<\/p>\n
In the meantime, they say they are glad the criminal justice system worked. <\/p>\n
Federal officials said they are committed to recovering as much of the victims\u2019 money as possible.<\/p>\n
When asked if anyone else may be charged in this case, Simmons said he won\u2019t speak about any possible ongoing investigations. <\/p>\n
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