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2 Texas financial advisers found guilty in $80 million Ponzi scheme
Summary by The Austin Editorial Desk · Based on reporting from CBS Austin
· August 19, 2026
· 1 min read
SAN ANTONIO — Federal officials are expected to announce the verdict this morning in the trial of two Lubbock men accused of helping run a multimillion-dollar Ponzi scheme.Joshua Allen and Michael Cox were charged alongs
Why this matters in The Austin
The guilty verdict against two Texas financial advisers accused of running a multimillion-dollar Ponzi scheme has implications for Austin investors, who may have been affected by the scheme's statewide reach. As a city surrounded by Travis County, Austin's residents and businesses are not immune to the risks of financial fraud that can originate from other parts of the state. The fact that the scheme was able to operate undetected for a significant period of time raises questions about the oversight and regulation of financial services in Texas. Austin's own financial community will likely be watching the sentencing and subsequent fallout closely, as it may impact the local economy and investor confidence. The city's proximity to other major Texas cities, including San Antonio and Lubbock, means that financial fraud can have far-reaching consequences that affect Austin residents and businesses directly.
About this story
Original reporting by CBS Austin . The Austin selects stories from publishers’ feeds, summarises them, and links back to the publisher that reported them. We add no reporting of our own. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit CBS Austin . Have a tip or correction? Contact the editor .
Category: News ·
Published: August 19, 2026 ·
Source: CBS Austin ·
Reading time: 1 min
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Frequently asked about this story
What is this story about? SAN ANTONIO — Federal officials are expected to announce the verdict this morning in the trial of two Lubbock men accused of helping run a multimillion-dollar Ponzi scheme.Joshua Allen and Michael Cox were charged alongs
When was this published? This article was first published on August 19, 2026 by CBS Austin and curated for The Austin readers.
Who reported this story? This story was reported by CBS Austin. To learn more about how The Austin selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more News coverage from The Austin, or browse our daily briefing and topic hubs .
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