business
TESTING TRUST: Jury finds Allen, Cox guilty on all counts in multimillion-dollar Ferrum Capital case
Summary by The Lubbock Editorial Desk · Based on reporting by Kase Wilbanks, Shaley Kidwell, Craig "Julio" Iglesias, Matt Ernst , KCBD News
· August 18, 2026
· 5 min read
SAN ANTONIO, Texas (KCBD) - Two Lubbock businessmen left the San Antonio U.S. Courthouse in handcuffs, remanded into custody after a jury convicted them on all counts. It found Joshua Allen and Michael Cox, through Ferrum Capital, and related companies, preyed on many investors, using misdirectio...
Key takeaway This complicated case involved an estimated $60 million and roughly 500 investors, according to prosecutors.
Why this matters in The Lubbock
The guilty verdicts against Joshua Allen and Michael Cox have significant implications for the Lubbock community, where their company Ferrum Capital was based. With roughly 500 investors affected, many of whom are likely local residents, the financial fallout from this multimillion-dollar investment scheme will be felt throughout the city. The fact that some investors testified to having their signatures forged on documents and others lost hundreds of thousands of dollars underscores the devastating impact of Allen and Cox's actions. As the two men face up to 70 years in prison, the community will be watching to see how the authorities will work to recover the estimated $60 million lost in the scheme and provide restitution to the affected investors. The Lubbock Independent School District and local government may also need to provide support to families and individuals affected by the financial losses.
About this story
Original reporting by KCBD News . The Lubbock selects stories from publishers’ feeds, summarises them, and links back to the publisher that reported them. We add no reporting of our own. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit KCBD News . Have a tip or correction? Contact the editor .
Category: business ·
Published: August 18, 2026 ·
Source: KCBD News ·
Reading time: 5 min
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Frequently asked about this story
What is this story about? SAN ANTONIO, Texas (KCBD) - Two Lubbock businessmen left the San Antonio U.S. Courthouse in handcuffs, remanded into custody after a jury convicted them on all counts. It found Joshua Allen and Michael Cox, through Ferrum Capital, and related companies, preyed on many investors, using misdirectio...
When was this published? This article was first published on August 18, 2026 by KCBD News and curated for The Lubbock readers.
Who reported this story? This story was reported by Kase Wilbanks, Shaley Kidwell, Craig "Julio" Iglesias, Matt Ernst at KCBD News. To learn more about how The Lubbock selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more business coverage from The Lubbock, or browse our daily briefing and topic hubs .
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