LUBBOCK, Texas (KCBD) – Attorneys for Joshua Allen have filed a motion asking a federal judge to release him on bond until sentencing, according to new court filings in the Ferrum Capital investment fraud case.
Allen and Michael Cox, both of Lubbock, were convicted last month on all four felony counts for running a fraud scheme through their company, Ferrum Capital. A federal jury found the two men solicited hundreds of investors, promising safe, secure returns, then used much of that money to pay earlier investors and themselves.
U.S. District Judge Fred Biery ordered both men taken into custody immediately after the verdict. Both are due back in court Dec. 10 to be sentenced.
View our previous coverage here.
Allen’s motion cites family circumstances
Allen’s attorneys argue he is not a flight risk, saying he has surrendered his passport and complied with every court order so far. The…
Be wary of “too good to be true” investment opportunities found on Facebook or Telegram that promise guaranteed returns, as these are almost always Ponzi or “Pig Butchering” schemes.