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A joint investigation by the Federal Bureau of Investigation (FBI) and the Internal Revenue Service Criminal Investigation (IRS-CI) revealed that more than 400 victims across the United States collectively lost over through the scheme. The Genesis of Ferrum Capital and the 2021 Inflection Point
These delays were catastrophic for a lender like Ferrum. Their business model often relied on quick exits or refinancing. When portfolio companies like Porter stalled failed to execute their public offerings on time, Ferrum’s capital was tied up, leaving them unable to meet their own obligations to creditors like Omni Partners.
In the world of private credit and hard money lending, reputation is everything. For years, Ferrum Capital marketed itself as a premier lender for real estate investors, promising speed, flexibility, and reliability. But in 2021, that carefully crafted image began to crack. ferrum capital lawsuit 2021
: In May 2021, financial advisor Brooklynn Chandler Willy allegedly advised clients to invest $500,000 into a Ferrum entity.
The defendant claimed Ferrum had secretly structured the deal to trigger a default artificially. According to court filings, Ferrum allegedly refused to accept a timely partial payment (over $5 million) because accepting it would have reset the statute of limitations on other claims. The defendant argued this was a “gotcha” tactic designed to seize control of the entire portfolio. A joint investigation by the Federal Bureau of
The core of the legal challenges against Ferrum Capital involves three primary individuals: Joshua Allen Michael Cox
: Lawsuits filed in states like Wisconsin claim that Ferrum Capital entities solicited and received multi-million dollar investments in 2021. For instance, one plaintiff reportedly invested $1 million in January 2021 and another $1 million in June 2021 When portfolio companies like Porter stalled failed to
At the center of the scheme's mechanics was Collins Asset Group (CAG), an Austin-based debt collection company. According to court records and a forensic accounting report, Ferrum loaned approximately $47.6 million of its investors' money to CAG, which in turn was supposed to purchase distressed debts at deep discounts and collect on them for substantial profits. CAG paid back $19.4 million in interest and fees before defaulting in late 2023 — a default that triggered Ferrum's collapse.
