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Texas Advisors Convicted in $80M Ponzi Scheme | Austin News
Two Texas financial advisors, Michael Cox and Joshua Allen, have been convicted on all counts in a shocking $80 million Ponzi scheme that exploited faith and community trust—targeting hundreds of victims, many from San Antonio, including one man who lost his life savings for a kidney transplant. The scheme, operating under the Fareham name since 2017, used new investors’ money to pay earlier ones, while the duo allegedly pocketed over $9 million. With sentencing pending and recovery efforts ongoing, this case underscores how spiritual authority can be weaponized to steal from vulnerable…
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