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Ex-Texas advisor Willy seeks to withdraw guilty plea in $18.5M case

She says her former lawyer did not explain the plea could make her responsible for millions in losses.

$18.5MInvestor losses prosecutors seek to attribute to Willy

At a glance

  1. Brooklynn Chandler Willy, 46, was CEO and president of Texas Financial Advisory in San Antonio.
  2. Prosecutors seek to hold Willy responsible for $18.5 million in investor losses.
  3. For advisors who steer clients into outside private placements, the case suggests those recommendations can feed the loss figure that sets sentencing exposure.

A former Texas advisor who pleaded guilty to 10 federal felony counts in March is trying to withdraw the plea, Financial Advisor Magazine reported, citing the San Antonio Express-News. Brooklynn Chandler Willy, 46, was CEO and president of Texas Financial Advisory in San Antonio. She says her former attorney did not explain that the plea could make her responsible for millions in losses tied to a wider fraud.

Prosecutors seek to hold Willy responsible for $18.5 million in investor losses. Court filings put the advisory sentencing range at roughly 17.5 to 21.5 years. She denies taking part in the broader Ferrum Capital fraud. Prosecutors say Ferrum was a Ponzi scheme and that clients lost $12 million on her Ferrum recommendations.

For advisors who steer clients into outside private placements, the case suggests those recommendations can feed the loss figure that sets sentencing exposure.

Judge Fred Biery recused himself Monday after Willy raised his longstanding relationship with her former lawyer, Roy Barrera Jr. The case moved to Judge Xavier Rodriguez.

Reported by the Filings desk from Financial Advisor Magazine and San Antonio Express-News. Published . Corrections

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