LUBBOCK, Texas (KCBD) - A court-appointed receiver is asking a judge to immediately freeze the assets of a Lubbock man accused in lawsuits of helping run a massive Ponzi scheme that may have devastated more than 300 investors.

The U.S. Attorney for the Western District of Texas and multiple civil lawsuits describe the operation as a Ponzi scheme that devastated hundreds of investors, many of whom trusted Lubbock financial advisors with their retirement savings.

The receiver appointed to oversee the wreckage of Ferrum Capital and its entities is asking a Bexar County judge to immediately freeze the assets of Joshua Allen, one of the company's principals.