SEC Accuses Private Equity Manager Of $3.1M Fraud

Law360, New York (April 23, 2010, 4:59 PM EDT) -- The U.S. Securities and Exchange Commission has accused an investment adviser and his private equity firm of stealing more than $3.1 million from three Michigan pension funds and using the ill-gotten gains to build a lavish Atlanta home and make mortgage payments on more than 40 other properties.

The SEC filed a complaint Thursday in the U.S. District Court for the Eastern District of Michigan accusing Roy Dixon Jr. and Onyx Capital Advisors LLC of misappropriating the money from the firm's private equity fund, in which...
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