Update: Cox, Allen, co-owners of Lubbock's Ferrum Capital, charged in federal court, could face 70 years in prison - Lubbock Lights

Update: Cox, Allen, co-owners of Lubbock's Ferrum Capital, charged in federal court, could face 70 years in prison - Lubbock Lights

Josh Allen and Mike Cox were charged in federal court of running a “massive Ponzi fraud scheme” costing hundreds of people millions of dollars. If the Lubbock businessmen are convicted on all charges they could spend up to 70 years in prison, according to a Department of Justice press release. Allen and Cox turned themselves in Wednesday according to two attorneys close to the case. They were co-owners of Lubbock-based Ferrum Capital and appeare…