On July 2, 2025, a federal grand jury returned an indictment, recently unsealed, charging Joshua Allen of Lubbock, Texas, Michael Cox of Lubbock, Texas, and Brooklynn Chandler Willy, of San Antonio, Texas, each with one count of conspiracy to commit wire fraud, one count of conspiracy to commit money laundering, one count of conspiracy to launder monetary instruments, and one count of securities fraud for their alleged roles in a massive Ponzi scheme involving hundreds of victims and millions of dollars.

The investments were allegedly issued by investment companies based in Lubbock, Texas, commonly known as Ferrum Capital, which were owned by Allen and Cox. Both Michael Cox and Brooklynn Chandler Willy were previously registered as investment advisers in Texas.

Assistant Director Greta Cantwell assisted with the federal investigation as a detailee with the Federal Bureau of Investigation’s San Antonio Division. For more information, please refer to the press release issued by the United States Attorney’s Office for the Western District of Texas.