Feds indict two more people allegedly tied to San Antonio financial advisor Brooklynn Chandler Willy

Editor’s note: This story was updated to include a comment from Brooklyn Chandler Willy’s attorney.

Two more people have been indicted in connection with an ongoing federal investigation into San Antonio financial advisor Brooklynn Chandler Willy, whom authorities accused in a statement of running a “massive Ponzi fraud scheme.”

Joshua Allen and Michael Cox, both of Lubbock, made initial appearances in San Antonio federal court Wednesday after a July 2 grand jury returned an indictment against them related to their alleged ties to Willy.

Willy — owner of Stone Oak-based Chandler Capital Holdings and Queen B Advisory LLC, which does business as Texas Financial Advisory — already faces federal charges ranging from wire and securities fraud to obstructing a grand jury. Prior to her arrest in December, she was a fixture on San Antonio AM talk radio stations, where she dispensed investment advice.

The Current reached out to both Allen and Cox but was unable to reach them by press time.

The July 2 indictment accuses Allen and Cox of misleading hundreds of investors in four companies they owned and operated: Ferrum Capital LLC, Ferrum II LLC, Ferrum III LLC, and Ferrum IV LLC. The pair worked with Willy and others to convince people to put their money into the companies, then used those funds to pay off earlier investors, according to the feds — a form of fraud commonly known as a Ponzi scheme.

Allen and Cox misrepresented the risk associated with the investments while concealing the high commissions they received, according to authorities.

“Hundreds of victims collectively lost millions of dollars,” the U.S. Attorney’s Office for the Western District of Texas said in a statement on the indictment. “Much of that money went to pay earlier investor-victims, thereby concealing the scheme and attracting additional victims. Much of the money also directly benefitted the now indicted co-conspirators and their associates.”

The indictment charges Allen, Cox and Willy 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.

“Mrs. Willy was not an owner or employee of Ferrum and had no access to their accounts and no control or visibility into their true operations,” Mark J. Barrera, a San Antonio attorney representing Willy in her criminal case. “She stopped selling the Ferrum loans in mid-2020, when the Texas State Securities Board determined that the loans were unregistered securities.  However, Ferrum continued selling the loans to investors for years and ultimately defaulted in the Fall of 2023.”

If convicted on all charges, Allen and Cox could face up to 70 years in federal prison.

Willy already faces federal charges including six counts of wire fraud, two of engaging in financial transactions involving assets from illegal activities and one of securities fraud, according to a grand jury indictment released in January. A federal indictment from the time of her arrest late last year also accuses her of obstructing a grand jury proceeding, lying to authorities and falsifying documents.

So far, Willy faces at least three civil suits from former clients who accuse her of defrauding them and violating securities laws. 

The FBI and the IRS’s criminal probe unit are continuing to investigate the case, according to the U.S. Attorney’s Office.

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This article appears in Jun 26 – Jul 9, 2025.