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 people during their darkest hours. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9d8e84281422d637