Ferrum Capital Advisor Pleads Guilty to Fraud
Lubbock Daily News Now | 2 Min News | The Daily News Now! · The Daily News Now!
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Financial Advisor Pleads Guilty to Fraud, Ponzi Scheme Losses Mount
A financial advisor, Brooklynn Chandler Willy, has admitted to six counts of wire fraud, identity theft, and conspiracy. She is tied to Ferrum Capital in Lubbock, Texas, and is set to be sentenced on September 28th. The case is part of a broader federal investigation into the firms activities.
Meanwhile, Joshua Allen and Michael Cox, the firms runners, have pleaded not guilty and are scheduled for trial in August. Any plea deals must be made by July 31st.
Investors have suffered significant losses due to what lawsuits describe as a multi-million dollar Ponzi scheme. The advisors are accused of persuading clients to invest in fake high-return opportunities.
Authorities are still investigating the full extent of the scheme and how it operated over time.
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