A recently filed lawsuit accuses San Antonio-area financial advisor and radio host Brooklynn Chandler Willy and others of orchestrating a scheme to lure clients into risky, unregistered investments in violation of state securities law.
An attorney for Willy denied the claims, labeling them "unfair."
The legal action was first reported on by the Express-News, and it follows a suit filed in San Antonio federal court last month making similar allegations. The federal suit seeks class-action status.
Willy hosts financial advice shows that air on WOAI 1200AM and on KTSA AM/FM. She also runs a podcast and a YouTube channel focused on financial planning. Her Texas Financial Advisory firm maintains offices in both Stone Oak and New Braunfels, according to its website.
The Bexar County suit alleges Willy and others led the plaintiffs — sisters in their 60s and 70s — to put $750,000 of their retirement savings into investments offered by a company called Ferrum Capital LLC. The two women lost that investment and are seeking damages "to be made whole," according to claims in the petition.
Ferrum and other parties are also named as defendants in the suit. The Current was unable to reach Ferrum officials for comment by press time.
"All of the defendants knew that the plaintiffs’ investments would end up worthless — that was the point of the scam," the petition states.
In a statement to the Current, Willy attorney Mark J. Barrera denied his client was part of an investment scheme. Further, he argued that the investments she sold to the plaintiffs are legitimate.
"These plaintiffs loaned money to Ferrum Capital, not Willy, on reasonable terms at 10% interest for four years," Barrera said. "The promissory notes they signed with Ferrum Capital are valid and enforceable, but they have not yet matured. The plaintiffs are demanding their loans to be repaid early, before they have come due."
Even so, Willy has faced past penalties from state securities regulators over her dealings..
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