Federal prosecutors are not offering a plea deal to Ferrum Capital co-founders Joshua Allen and Michael Cox, both of Lubbock, who are under indictment for securities fraud and other charges. The two are accused of using Ferrum to run a Ponzi scheme and take millions of dollars from hundreds of people.
Trial Details
The trial is set to start on August 10 and is expected to last up to three weeks. U.S. District Court Judge Fred Biery has compared the upcoming trial to Texas’ war for independence against Mexico in 1835-1836.
Allen has requested a delay in the trial, citing recent restrictions on his business interests that are rendering him unable to compensate his defense counsel. However, prosecutors are opposed to the delay, stating that they have already issued trial subpoenas to over 70 witnesses and made travel arrangements.
The court-appointed receiver in a related lawsuit has agreed to modify the restraining order to allow Allen to use his business interests to pay for his defense attorney.
Original reporting: Lubbock Lights — read the source article.
