San Antonio Financial Advisor Pleads Guilty to Million Dollar Ponzi Scheme

The Scheme Unravels

A San Antonio woman who used to be a financial aid has pleaded guilty for her role in a Ponzi scheme, with 46-year-old Brooklyn Chandler Willy owning a company named Queen B Advisors LLC based in San Antonio . The company did business as Texas Financial Advisory (TFA) and Chandler Capital Holdings , positioning itself as a legitimate financial planning service.

Brooklynn Chandler Willy, 46, pleaded guilty Thursday to six wire fraud charges, one wire fraud conspiracy charge, one money laundering conspiracy charge, and aggravated identity theft . Court documents say that Willy recommended a married couple invest money into an investment company named Ferrum Capital in March 2018, which was one of four companies allegedly run by co-defendants Joshua Allen and Michael Cox .

The scheme's scope expanded significantly over time. In May 2021, Willy advised the same couple to invest $500,000 with another Ferrum entity, "using Chandler Capital Holdings as the agent to execute and deliver contracts" . However, federal investigators discovered that the money "was never sent" to the company or any others controlled by its owners .

Cover-Up Attempts and False Documents

During the investigation into this scheme, court documents say Willy forged the signatures of several victims on documents and provided those documents to federal agents, trying to mislead them . This obstruction of justice became a central part of the charges against her, demonstrating the lengths she went to conceal her fraudulent activities.

She also conspired with Allen and Cox by lying to investors concerning their investment in entities owned by Allen and Cox . The deception involved creating elaborate documentation that made it appear investments were being properly handled and managed when they were actually being diverted for other purposes.

Willy, a registered financial advisor with the Financial Industry Regulatory Authority, was not only the president and CEO of Queen B Advisors LLC but also an author and host of the Texas Financial Radio Show and podcast . This public profile likely helped her gain credibility with potential victims, making the betrayal of trust even more significant.

Pattern of Regulatory Troubles

This wasn't Willy's first encounter with regulatory issues. In October 2019, Willy was fired from another firm, J.W. Cole Advisors, for violations "regarding participations in unapproved private securities transactions" . As a result, her Texas State Securities Board registration was suspended for a year, starting in October 2020 .

Willy was also named as one of several defendants in a 2023 class-action lawsuit centered around claims of fraudulent investment planning . These previous incidents should have served as red flags for potential clients and regulatory authorities.

Severe Consequences Ahead

She faces up to 20 years in prison on each of the six wire fraud charges, the wire fraud conspiracy charge and the money laundering conspiracy charge . She also faces up to 10 years for engaging in monetary transactions in property derived from the wire fraud scheme and a mandatory minimum of two years in prison for aggravated identity theft which would run consecutive to any other punishment .

The case serves as a stark reminder that financial advisors hold positions of immense trust, and when that trust is violated, the consequences extend far beyond monetary losses. Investors who trusted Willy with their life savings now face uncertain financial futures, while she awaits sentencing that could result in decades behind bars. Allen and Cox are scheduled for a jury trial in August , suggesting this complex scheme may continue to unfold in federal court.