Brooklynn Chandler Willy, a former San Antonio financial adviser connected to Lubbock-based Ferrum Capital, has pleaded guilty to 10 federal charges stemming from an investment-fraud investigation.
Willy, 46, admitted to six counts of wire fraud and one count each of conspiracy to commit wire fraud, conspiracy to commit money laundering, aggravated identity theft and conducting a monetary transaction with proceeds from unlawful activity.
Her guilty plea resolves the updated charges federal prosecutors filed in February 2026. Those charges included a forfeiture notice allowing the government to pursue money or property connected to the offenses.
The final amounts Willy must forfeit and repay to victims have not been publicly established. U.S. District Judge Fred Biery scheduled her sentencing for Sept. 28, after the planned trial of Ferrum co-founders Joshua Allen and Michael Cox.
Money intended for investments used for other purposes
Willy owned Queen B Advisors LLC, which operated as Texas Financial Advisory, and Chandler Capital Holdings. Her business offered investment management and financial-planning services from offices in several South Texas communities before closing after her arrest in 2024.
According to the U.S. Attorney’s Office for the Western District of Texas, a married couple invested in Ferrum Capital at Willy’s recommendation in 2018. In 2021, she advised the couple to invest another $500,000 through two promissory notes associated with another Ferrum entity.
Instead of forwarding the money to Ferrum as represented, Willy deposited the check into a Chandler Capital account she controlled. Prosecutors said she used the money for personal credit-card payments, payments to earlier investors and transfers to another business she owned.
Willy also admitted obtaining approximately $2 million from another married couple after representing that the money would be used to buy distressed debt and make other legitimate investments. Federal prosecutors said portions instead went to Willy, an associate and other investors.
Two additional investors provided $75,000 and $600,000 for what Willy described as legitimate business ventures. Those funds also were diverted, according to the Justice Department.
During the federal investigation, Willy forged investors’ signatures on documents and provided the records to agents in an attempt to conceal what had happened to the money, prosecutors said.
Connection to Ferrum Capital
Allen and Cox jointly owned Ferrum Capital LLC and three similarly named entities. A July 2025 federal indictment alleged that the three defendants misrepresented the safety and purpose of investments while concealing substantial commissions.
Prosecutors said money from later investors was used to repay earlier investors—a defining feature of a Ponzi scheme—and that substantial amounts benefited the defendants and their associates.
In July 2026 court filings, prosecutors said Ferrum received approximately $67.8 million from investors. Proposed summary exhibits attributed about $4.7 million to Allen or his companies, $2.4 million to Cox and slightly more than $2 million to Willy, according to Lubbock Lights’ review of the filings.
Those figures are prosecutorial claims intended for use in Allen and Cox’s upcoming trial. Allen and Cox have pleaded not guilty, and the allegations against them have not been decided by a jury. Their trial remained scheduled for Aug. 10 after the judge denied Allen’s request for another delay.
Willy’s guilty plea resolves her criminal liability on the 10 admitted counts, although her sentence, restitution and forfeiture obligations remain undecided.
What the forfeiture notice means
The February charging document stated that the government intended to seek forfeiture of property derived from or involved in the offenses. It also allowed prosecutors to pursue substitute assets if directly traceable property could no longer be found, had been sold or had substantially declined in value.
An early version of the Lubbock Lights report on the updated charges identified Willy’s former Boerne-area residence as a possible forfeiture target. The article was later corrected to note that the home had recently been sold, leaving its status under the forfeiture request unclear.
A forfeiture notice does not automatically transfer every asset a defendant owns to the government. The court must enter the appropriate forfeiture orders, and people with legitimate ownership interests may have an opportunity to assert claims.
The Justice Department describes forfeiture as a method for depriving offenders of criminal proceeds and, when federal law permits, recovering assets that can help compensate victims. The department provides an overview through its Asset Forfeiture Program.
Forfeiture is separate from restitution, which is a court order requiring a defendant to compensate victims for qualifying losses. Money recovered through forfeiture can sometimes be applied toward victim compensation, but the procedures and final distribution depend on the court’s orders and the assets available.
The San Antonio Express-News reported that Willy and her family had provided approximately $900,000 toward restitution and proposed making continuing monthly payments. Prosecutors said the final restitution calculation would extend beyond the six victims specifically described in her charging document.
Prison sentence to be decided in September
Each wire-fraud count and the two conspiracy counts carries a maximum sentence of 20 years. The unlawful monetary-transaction charge carries a maximum of 10 years, while aggravated identity theft requires a two-year sentence consecutive to any other prison term.
Those statutory maximums do not predict Willy’s actual sentence. Biery must consider federal sentencing guidelines, the losses attributable to her, her acceptance of responsibility, restitution efforts and other statutory factors.
Willy remains free on a $40,000 unsecured bond while awaiting sentencing. The FBI and IRS Criminal Investigation continue handling the broader Ferrum case.
