San Antonio, TX — A federal jury has found Lubbock businessmen Joshua Allen and Michael Cox guilty on all counts in the Ferrum Capital investment fraud case, according to information released Tuesday afternoon.
The case involved an estimated $60 million and roughly 500 investors, according to prosecutors.
The jury returned its verdict around 2:45 p.m. Tuesday before U.S. District Judge Fred Biery in San Antonio.
Allen and Cox were convicted of:
• Wire Fraud
• Money Laundering
• Laundering Monetary Instruments
• Securities Fraud
During the trial, investors testified that signatures had been forged on documents and that hundreds of thousands of dollars were invested through Ferrum Capital and related businesses.
A federal indictment filed in July 2025 accused Allen and Cox of misleading investors, concealing high commissions and misrepresenting the nature of investments.
Defense attorneys disputed prosecutors’ characterization of the case. Allen’s attorney argued that a failed business does not necessarily constitute a crime and blamed a third-party company for the alleged scheme. Cox’s attorney argued that his client did not personally take investor funds.
Their co-defendant, Brooklyn Chandler Willy, previously pleaded guilty to six counts of wire fraud, aggravated identity theft and conspiracy. Her sentencing is scheduled for Dec. 14.
Sentencing dates for Allen and Cox were not included in the information provided.