The United States Securities and Exchange Commission, after an investigation, instituted administrative proceedings against Roy Dixon, Jr., a former registered representative of Professional Asset Management, Inc., a licensed broker dealer in Bloomfield Hills, Michigan
Roy Dixon, Jr., age 50, resides in Atlanta, Georgia and was the owner and founding general partner of Onyx Capital Advisors, LLC, a Detroit, Michigan based private equity firm he started in September 2006.
Former Charge Against Dixon
In 2012, he was also charged in an indictment with defrauding and embezzling more than $3 million from the two city of Detroit pension funds and a city of Pontiac pension fund.
The Final Judgement & Complaint
On January 31, 2014, a final judgment was entered against Dixon, permanently enjoining him from future violations of the federal securities laws based upon the finding that he misappropriated more than $3.11 million under the guise of management fees and used more than $1 million to invested in a friend’s used car businesses.
The complaint further alleged that Dixon and Onyx Capital made numerous false and misleading statements to the pension funds. For example, Dixon and Onyx Capital sent a forged letter to one of the pension funds misrepresenting the principals of Onyx Capital. The complaint also alleged that Dixon and Onyx Capital issued false and misleading capital calls to the public pension funds and misrepresented the amount of management fees they had taken.
Customers of Dixon, Onyx Capital Advisors, or Professional Asset Management, Inc. should qualified consult with counsel to determine their legal rights.
Guiliano Law Group
Our Practice is limited to the representation of investors in claims against stockbrokers and investment professionals for fraud, the sale of unsuitable investments, breach of fiduciary duty, failure to supervise. National Practice. Contingent Fee. Free Consultation. If you have suffered losses a the result of the recommendation of inverse and leveraged ETFs by your stockbroker or investment professional and were unaware of the risk associated with these securities, contact us for a free confidential evaluation at (877) SEC-ATTY.