FERRUM CAPITAL EXECUTIVES WILL REMAIN JAILED BEFORE SENTENCING

U.S. District Judge Fred Biery has denied requests to release Lubbock businessmen Joshua Allen and Michael Cox while they await sentencing in the Ferrum Capital fraud case.

The men asked to leave custody on bond and surrender later. The order reported Monday keeps them jailed until transfer to federal prison.

A jury convicted them August 18 of offenses including wire fraud, money laundering and securities fraud. Prosecutors described a case involving an estimated $60 million and roughly 500 investors.

The latest order addressed the release requests and financial harm to clients. The judge cited the way the men used clients’ faith while taking their money.

Allen and Cox return to court December 10. They face potential sentences of up to 70 years, although sentences have not been imposed.

The order addresses custody ahead of sentencing and does not announce payments to victims.

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