{"id":61509,"date":"2026-08-21T11:11:47","date_gmt":"2026-08-21T18:11:47","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=61509"},"modified":"2026-08-21T11:13:01","modified_gmt":"2026-08-21T18:13:01","slug":"duo-convicted-in-ponzi-scheme-that-cost-hundreds-of-investors-millions-facing-up-to-70-years-in-prison","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=61509","title":{"rendered":"Duo Convicted in Ponzi Scheme That Cost Hundreds of Investors Millions, Facing Up to 70 Years in Prison"},"content":{"rendered":"<div class=\"relative basis-auto flex-col -mb-(--composer-overlap-px) pb-(--composer-overlap-px) [--composer-overlap-px:28px] grow flex\">\n<div class=\"flex min-h-0 grow flex-col text-sm\">\n<div class=\"qMYqUG_convSearchResultHighlightRoot\">\n<div class=\"\" data-turn-id-container=\"request-WEB:73f77224-defc-4324-9a48-65078b30c068-13\" data-is-intersecting=\"true\">\n<section class=\"text-token-text-primary w-full focus:outline-none 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id=\"writing-block-6899120e-ecc9-5a1f-a4f9-b37d5023ba92\" class=\"group\/writing-block-surface relative isolate w-full min-w-0 overflow-clip rounded-[var(--oai-wb-radius)] [box-shadow:var(--oai-wb-shadow)] [color:var(--oai-wb-text-primary)] [contain:inline-size] [font-family:var(--oai-wb-font-sans)] [--wb-text-primary:var(--text-primary)] [--wb-text-secondary:var(--text-secondary)] [--wb-text-tertiary:var(--text-tertiary)] [--wb-surface-primary:var(--bg-primary)] [--wb-surface-secondary:var(--bg-tertiary)] [--wb-border:rgb(0_0_0\/7%)] [--wb-border-hover:rgb(0_0_0\/7%)] [--wb-divider:var(--border-light)] [--wb-focus:var(--border-strong)] [--wb-control-border:var(--interactive-border-focus)] [--wb-entity-accent:var(--theme-entity-accent)] [--wb-accent:var(--interactive-label-accent-default)] [--wb-on-accent:var(--bg-primary)] [--wb-interactive-background:var(--interactive-bg-accent-default)] [--wb-selection:var(--theme-user-selection-bg,var(--selection))] [--wb-radius-sm:var(--radius-sm)] [--wb-shadow-lg:var(--shadow-lg)] [--wb-font-sans:var(--font-sans)] [--wb-font-mono:var(--font-mono)] [--wb-shimmer-dark-contrast:var(--gray-550)] [--wb-shimmer-dark-secondary:var(--text-tertiary)] [--wb-radius:24px] [--wb-shadow:0_4px_80px_rgb(0_0_0\/2%)] [contain:none]\" data-oai-writing-block-surface=\"\" data-writing-block=\"true\" data-testid=\"writing-block-container\">\n<div class=\"relative z-[1]\">\n<div class=\"mt4SwW_editor [--wb-text-primary:var(--text-primary)] [--wb-text-secondary:var(--text-secondary)] [--wb-text-tertiary:var(--text-tertiary)] [--wb-surface-primary:var(--bg-primary)] [--wb-surface-secondary:var(--bg-tertiary)] [--wb-border:rgb(0_0_0\/7%)] [--wb-border-hover:rgb(0_0_0\/7%)] [--wb-divider:var(--border-light)] [--wb-focus:var(--border-strong)] [--wb-control-border:var(--interactive-border-focus)] [--wb-entity-accent:var(--theme-entity-accent)] [--wb-accent:var(--interactive-label-accent-default)] [--wb-on-accent:var(--bg-primary)] [--wb-interactive-background:var(--interactive-bg-accent-default)] [--wb-selection:var(--theme-user-selection-bg,var(--selection))] [--wb-radius-sm:var(--radius-sm)] [--wb-shadow-lg:var(--shadow-lg)] [--wb-font-sans:var(--font-sans)] [--wb-font-mono:var(--font-mono)] [--wb-shimmer-dark-contrast:var(--gray-550)] [--wb-shimmer-dark-secondary:var(--text-tertiary)] [--wb-radius:24px] [--wb-shadow:0_4px_80px_rgb(0_0_0\/2%)] [contain:none] writing-block-editor markdown-new-styling relative flow-root\" data-task-list-drag-label=\"Reorder checklist item\">\n<div class=\"outline-none data-[writing-block-fullscreen-editor]:min-h-[75vh] ProseMirror markdown prose dark:prose-invert w-full min-h-6 break-words focus:outline-none writing-block-open-link-mode\" dir=\"auto\" contenteditable=\"true\" translate=\"no\" data-writing-block-fullscreen-editor-region=\"true\" data-writing-block-fullscreen-editor-layout=\"inline\" aria-disabled=\"false\">\n<p><span style=\"font-size: 20px;\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-39979 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2020\/07\/judge-gavel-300x160.jpg\" alt=\"West Virginia Woman Took Top Secrets, Committed Kidnapping\" width=\"300\" height=\"160\" \/>SAN ANTONIO \u2014<\/strong> A federal jury convicted two Lubbock men Tuesday of operating a Ponzi scheme that cost hundreds of investors millions of dollars, officials stated this week.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Joshua Allen and Michael Cox were convicted of participating in the scheme with Brooklynn Chandler Willy of San Antonio, who previously pleaded guilty to 10 federal charges.<\/span><\/p>\n<div class=\"flex max-w-full flex-col gap-4 grow\">\n<div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\" dir=\"auto\" tabindex=\"0\" data-message-author-role=\"assistant\" data-message-id=\"6899120e-ecc9-5a1f-a4f9-b37d5023ba92\" data-turn-start-message=\"true\" data-message-model-slug=\"gpt-5.6-sol-wm\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden\">\n<div class=\"fbskMG_root markdown prose dark:prose-invert wrap-break-word w-full light markdown-new-styling\">\n<h3 data-section-id=\"y32yif\" data-start=\"4024\" data-end=\"4048\"><span style=\"font-size: 21px;\">Quick Fact Checklist:<\/span><\/h3>\n<ul data-start=\"4050\" data-end=\"4939\" data-is-last-node=\"\" data-is-only-node=\"\">\n<li data-section-id=\"75jl6\" data-start=\"4050\" data-end=\"4096\"><span style=\"font-size: 20px;\"><strong data-start=\"4052\" data-end=\"4067\">Defendants:<\/strong> Joshua Allen and Michael Cox<\/span><\/li>\n<li data-section-id=\"1dukerg\" data-start=\"4097\" data-end=\"4158\"><span style=\"font-size: 20px;\"><strong data-start=\"4099\" data-end=\"4113\">Hometowns:<\/strong> Confirm both are residents of Lubbock, Texas<\/span><\/li>\n<li data-section-id=\"ffakhn\" data-start=\"4159\" data-end=\"4218\"><span style=\"font-size: 20px;\"><strong data-start=\"4161\" data-end=\"4178\">Co-defendant:<\/strong> Brooklynn Chandler Willy of San Antonio<\/span><\/li>\n<li data-section-id=\"htwj07\" data-start=\"4219\" data-end=\"4299\"><span style=\"font-size: 20px;\"><strong data-start=\"4221\" data-end=\"4238\">Verdict date:<\/strong> Replace \u201cTuesday\u201d with the exact date for online publication<\/span><\/li>\n<li data-section-id=\"1ao13xz\" data-start=\"4300\" data-end=\"4387\"><span style=\"font-size: 20px;\"><strong data-start=\"4302\" data-end=\"4314\">Charges:<\/strong> Confirm the official wording of both money-laundering conspiracy charges<\/span><\/li>\n<li data-section-id=\"1ur5ues\" data-start=\"4388\" data-end=\"4456\"><span style=\"font-size: 20px;\"><strong data-start=\"4390\" data-end=\"4410\">Investor losses:<\/strong> Seek an exact loss figure if one is available<\/span><\/li>\n<li data-section-id=\"13p8l0u\" data-start=\"4457\" data-end=\"4493\"><span style=\"font-size: 20px;\"><strong data-start=\"4459\" data-end=\"4471\">Victims:<\/strong> Hundreds of investors<\/span><\/li>\n<li data-section-id=\"p5x8lm\" data-start=\"4494\" data-end=\"4549\"><span style=\"font-size: 20px;\"><strong data-start=\"4496\" data-end=\"4516\">Maximum penalty:<\/strong> Up to 70 years for Allen and Cox<\/span><\/li>\n<li data-section-id=\"7gin7p\" data-start=\"4550\" data-end=\"4621\"><span style=\"font-size: 20px;\"><strong data-start=\"4552\" data-end=\"4571\">Custody status:<\/strong> Both taken into federal custody after the verdict<\/span><\/li>\n<li data-section-id=\"hicqll\" data-start=\"4622\" data-end=\"4675\"><span style=\"font-size: 20px;\"><strong data-start=\"4624\" data-end=\"4639\">Sentencing:<\/strong> No dates scheduled for Allen or Cox<\/span><\/li>\n<li data-section-id=\"ir6j3p\" data-start=\"4676\" data-end=\"4725\"><span style=\"font-size: 20px;\"><strong data-start=\"4678\" data-end=\"4699\">Willy sentencing:<\/strong> Add the year to \u201cDec. 14\u201d<\/span><\/li>\n<li data-section-id=\"16gbmq0\" data-start=\"4726\" data-end=\"4829\"><span style=\"font-size: 20px;\"><strong data-start=\"4728\" data-end=\"4749\">Penalty language:<\/strong> Maximum penalties are not necessarily the sentences the defendants will receive<\/span><\/li>\n<li data-section-id=\"1opsqtz\" data-start=\"4830\" data-end=\"4939\" data-is-last-node=\"\"><span style=\"font-size: 20px;\"><strong data-start=\"4832\" data-end=\"4847\">Style note:<\/strong> \u201cMassive\u201d was removed as subjective; \u201cmultimillion-dollar\u201d is more precise and SEO-friendly<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><span style=\"font-size: 20px;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1379 alignright\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/03\/IRS-seal-300x276.jpeg\" alt=\"\" width=\"300\" height=\"276\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/03\/IRS-seal-300x276.jpeg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/03\/IRS-seal.jpeg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>According to court documents and evidence presented during the weeklong trial, Allen and Cox jointly owned and controlled four investment companies: Ferrum Capital LLC, Ferrum II LLC, Ferrum III LLC and Ferrum IV LLC.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Allen, Cox, Willy and others working at their direction solicited people to invest in the companies.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Willy owned Chandler Capital Holdings and Queen B Advisory LLC, which did business as Texas Financial Advisory. The company claimed to provide asset-management and financial-planning services.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Willy <a href=\"https:\/\/www.justice.gov\/usao-wdtx\/pr\/former-financial-advisor-pleads-guilty-10-counts-investment-fraud-scheme\">pleaded guilty to 10 charges in March<\/a>.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Prosecutors said Allen, Cox and Willy conspired to mislead investors about the security of their investments while concealing the large commissions they collected. Allen and Cox also lied about the nature of the investments.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Hundreds of victims collectively lost millions of dollars.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Much of the money collected from new investors was used to pay earlier investors, allowing the defendants to conceal the Ponzi scheme and attract additional victims. Prosecutors said the conspirators also used substantial amounts of the money for their personal benefit.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Following the trial before U.S. District Judge Fred Biery, the jury convicted Allen and Cox on four charges:<\/span><\/p>\n<ul data-spread=\"false\">\n<li><span style=\"font-size: 20px;\">Conspiracy to commit wire fraud;<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Conspiracy to commit money laundering;<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Conspiracy to launder monetary instruments; and<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Securities fraud.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-size: 20px;\">\u201cIn the midst of this Ponzi scheme, Allen and Cox collected a handsome fee by telling various egregious lies, even using their self-proclaimed faith and reputation in their community to con the investors they victimized,\u201d U.S. Attorney Justin R. Simmons said.<\/span><\/em><\/p>\n<p><span style=\"font-size: 20px;\">Simmons said the verdict demonstrates that federal prosecutors will pursue people who prey on the trust of everyday Americans.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">IRS Criminal Investigation Special Agent in Charge Christopher J. Altemus Jr. said investigators spent years tracing the money, interviewing witnesses and working with the FBI to identify additional victims.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">\u201cAllen and Cox preyed on their closest friends, their community, and many others across the country,\u201d Altemus said. \u201cThey took millions of dollars to enrich themselves while devastating lives along the way.\u201d<\/span><\/p>\n<p><span style=\"font-size: 20px;\">FBI San Antonio Special Agent in Charge Daniel Faith said the convictions send an important message.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">\u201cWhen someone chooses greed over integrity and abuses the trust of others for illicit personal gain, there are serious consequences,\u201d Faith said.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Allen and Cox each face up to 70 years in federal prison. They were taken into custody immediately after the verdict. Their sentencing hearings have not been scheduled.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Willy is scheduled to be sentenced Dec. 14.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">She faces up to 20 years in prison on each of six wire fraud charges, one charge of conspiracy to commit wire fraud and one charge of conspiracy to commit money laundering. She also faces up to 10 years for engaging in monetary transactions involving property derived from wire fraud.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">An aggravated identity theft conviction carries a mandatory two-year sentence that must be served consecutively to any other prison term.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SAN ANTONIO \u2014 A federal jury convicted two Lubbock men Tuesday of operating a Ponzi scheme that cost hundreds of investors millions of dollars, officials stated this week. Joshua Allen and Michael&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-61509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Duo Convicted in Ponzi Scheme That Cost Hundreds of Investors Millions, Facing Up to 70 Years in Prison<\/title>\n<meta name=\"description\" content=\"SAN ANTONIO \u2014 A federal jury convicted two Lubbock men Tuesday of operating a Ponzi scheme that cost hundreds of investors millions of dollars, officials\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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