Brooklynn Chandler Willy, a former San Antonio financial adviser, is negotiating a plea agreement that could resolve two federal criminal cases against her at once. Assistant U.S. Attorney Joseph Blackwell told a judge, “we’re in negotiations with Ms. Willy that will probably resolve both of those cases,” as reported by San Antonio Express-News.
If a deal is finalized, Willy would likely plead to a reduced set of charges and still face prison time, while prosecutors plan to file a single criminal information and dismiss the two existing indictments at sentencing. Co-defendants Joshua Allen and Michael Cox are expected to go to trial beginning Aug. 10, with roughly 50 investor witnesses anticipated.
What prosecutors allege
Federal prosecutors say Allen, Cox and Willy solicited investor funds through Ferrum-related entities while concealing commissions and the speculative nature of the investments, leading to millions in losses, according to a press release from the U.S. Attorney’s Office for the Western District of Texas. A grand jury returned an indictment in July charging the trio with conspiracy to commit wire fraud, conspiracy to launder monetary instruments, conspiracy to commit money laundering and securities fraud, the Texas State Securities Board notes. Officials say the FBI and IRS Criminal Investigation are assisting the probe, and the indictments are allegations that must still be proved in court.
Scale of alleged investor losses
Federal investigators say more than 400 investors put more than $100 million into Ferrum-related investments, and authorities are seeking potential victims through an FBI portal for the case, according to the FBI. A related civil complaint filed in state court alleges Willy and her firm recommended about 249 clients invest roughly $45 million between 2018 and 2020, a figure reported by the San Antonio Express-News. Plaintiffs say Ferrum notified investors in 2023 that it would not be meeting its obligations and that earlier investor payouts were funded with money from new investors, allegations they argue are consistent with a Ponzi-style scheme.
Civil suits and local fallout
Around 100 investors have a pending state-court lawsuit accusing Ferrum and related parties of misleading them about collateral, returns and the safety of the products they sold. Local reporting and prior coverage detail that Willy’s advisory business, Texas Financial Advisory (Queen B Advisors LLC), stopped operating after the probe became public and that her radio platforms have gone offline, disrupting clients who were left seeking account information and guidance, as one local outlet chronicled the early fallout.
What happens next
If Willy signs a plea, prosecutors say the agreement would consolidate the two federal matters into a single charging document and leave sentencing to the judge. If not, the cases could move toward trial. Federal prosecutors have emphasized the seriousness of the alleged scheme in public filings and press material, and the U.S. Attorney’s Office notes multiple charges that carry severe penalties if proven, including potential decades of incarceration. For now, the criminal cases remain active, with scheduling and pretrial proceedings expected to continue through the spring and summer.
Help for potential victims
Anyone who believes they invested in Ferrum products or was harmed by transactions tied to Allen, Cox or Willy is asked to contact federal investigators through the FBI victims portal and to preserve documents and communications tied to their investments. The FBI and U.S. Attorney’s Office links provide forms and guidance for victims and potential witnesses, and both agencies recommend contacting counsel if you believe you have financial exposure.
