business
BREAKING: Jury finds Allen, Cox guilty on all counts in multimillion-dollar Ferrum Capital case
Summary by The Midland Editorial Desk Kase Wilbanks, Shaley Kidwell, Craig "Julio" Iglesias, Matt Ernst , as published by KOSA CBS7 / First Alert 7 (Permian Basin CBS)
· August 18, 2026
· 1 min read
Photo: KOSA CBS7 / First Alert 7 (Permian Basin CBS) · view original
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Summary created by The Midland Editorial Desk — automated, rule-governed Byline on source page Kase Wilbanks, Shaley Kidwell, Craig "Julio" Iglesias, Matt Ernst, as published by KOSA CBS7 / First Alert 7 (Permian Basin CBS) Original story Read at the source Source published Aug 18, 2026 Indexed here Aug 18, 2026 AI assistance Automated summary drawn from the source’s own published text Prepublication human review No — editorial rules, flagged-item review, and published samples
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Key points The case involved a significant amount of money, estimated to be around $60 million, and hundreds of investors. Two businessmen, Joshua Allen and Michael Cox, were found guilty of multiple charges, including fraud and money laundering.
A verdict has been reached in a complex investment scheme case. Two businessmen, Joshua Allen and Michael Cox, were found guilty of multiple charges, including fraud and money laundering. The case involved a significant amount of money, estimated to be around $60 million, and hundreds of investors.
The guilty verdict was delivered in a federal courthouse. As a result, the two men were taken into custody and will not be eligible for bail. Further details about the case and the events leading up to the verdict are available.
The verdict marks the end of a lengthy process, with the jury returning a decision in the afternoon.
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KOSA CBS7 / First Alert 7 (Permian Basin CBS) reported and published this story. The Midland selected it, summarised the key facts above, and links to the original. We did not report this story and we added no reporting of our own to it.
About this story
As published by KOSA CBS7 / First Alert 7 (Permian Basin CBS) . The Midland 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 KOSA CBS7 / First Alert 7 (Permian Basin CBS) . Have a tip or correction? Contact the editor .
Category: business Published: August 18, 2026 Source: KOSA CBS7 / First Alert 7 (Permian Basin CBS) Reading time: 1 min
Frequently asked about this story
What is this story about? A verdict has been reached in a complex investment scheme case. Two businessmen, Joshua Allen and Michael Cox, were found guilty of multiple charges, including fraud and money laundering. The case…
When was this published? This article was first published on August 18, 2026 by KOSA CBS7 / First Alert 7 (Permian Basin CBS) and curated for The Midland readers.
Who reported this story? This story was reported by Kase Wilbanks, Shaley Kidwell, Craig "Julio" Iglesias, Matt Ernst at KOSA CBS7 / First Alert 7 (Permian Basin CBS). To learn more about how The Midland selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more business coverage from The Midland, or browse our daily briefing and topic hubs .
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