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This profile was last updated on 2/20/14  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Roy Dixon Jr.

Wrong Roy Dixon Jr.?

Managing Partner

Local Address: Detroit, Michigan, United States
Onyx Capital Advisors
 
Background

Board Memberships and Affiliations

  • Owner and Founding Member
    Onyx Capital Advisors
  • Founder
    Onyx Capital Advisors
  • Founder
    Onyx Capital Advisers
20 Total References
Web References
The allegations in the SEC's case ...
www.patrickpretty.com [cached]
The allegations in the SEC's case against Onyx Capital Advisors LLC, investment adviser Roy Dixon Jr., and Michael A. Farr., who operates used-car lots that provide in-house financing, are mind-numbing.
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Also named defendants were Onyx Capital Advisors LLC and its founder Roy Dixon Jr., whom the SEC described as as a money manager and investment adviser to the pension funds and a friend of Farr's.
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Roy Dixon Jr. And Oynx Capital
Dixon, 46, resides "primarily" in Atlanta, and is "the owner and founding member of Onyx Capital, a private equity firm based in Detroit," the SEC said. The agency said Dixon owns "numerous" rental properties in Detroit and Pontiac, and an insurance business known as Oynx Financial Group LLC.
Dixon used money from the scheme to make mortgage payments on more than 40 rental properties in Detroit and Pontiac, and Dixon, Farr and related entities "stole more than $3 million" invested by the Detroit-area pension funds, the SEC charged.
“These public pension funds provided seed capital to the Onyx [F]und, and Dixon betrayed their trust by stealing their money,†said Merri Jo Gillette, director of the SEC’s Chicago Regional Office. “Farr assisted Dixon by making large bank withdrawals of money ostensibly invested in Farr’s companies, and together they treated the pension funds’ investments as their own pot of cash.†“These public pension funds provided seed capital to the Onyx [F]und, and Dixon betrayed their trust by stealing their money,†said Merri Jo Gillette, director of the SEC’s Chicago Regional Office. “Farr assisted Dixon by making large bank withdrawals of money ostensibly invested in Farr’s companies, and together they treated the pension funds’ investments as their own pot of cash.â€
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Dixon and his company raised $23.8 million from the pension funds, the SEC said, accusing Dixon of misappropriating money soon after it came under his control in 2007.
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"Dixon used the proceeds from his and Onyx Capital’s misappropriations to pay personal and business expenses," the SEC said in its complaint. "These expenses included payments for the construction of Dixon’s multimillion-dollar house in Atlanta, Georgia, and mortgage payments on more than forty rental properties Dixon owns in Detroit and Pontiac, Michigan."
On at least 15 occasions, the SEC said, "Dixon withdrew investor money from the Onyx Fund’s bank accounts to cover overdrafts in his own personal accounts, or Onyx Capital’s bank accounts."
Dixon also took "advances" against unearned management fees, overbilled the fund by $1.74 million for fees to which he was not entitled and, in at least one instance, double-billed for fees that already had been withdrawn from the fund and placed in Dixon's personal bank account, the SEC charged.
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Dixon and Michael Farr were friends "since before Dixon started Onyx Capital" in 2006, the SEC said.
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Dixon and Michael Farr were friends "since before Dixon started Onyx Capital" in 2006, the SEC said.
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"In fact, Dixon selected Farr’s father to serve on the Onyx Fund’s initial advisory board."
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"Beginning in 2008, Dixon coordinated additional misappropriations from the Onyx Fund with Farr," the SEC alleged.
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"In total, Dixon and Farr misappropriated approximately $1.05 million of the money the Onyx Fund purportedly invested in Farr’s companies."
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"Farr assisted Dixon in misappropriating approximately $948,000 of the investor funds which had been transferred to Sea Jay," the SEC continued.
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Of the approximately $948,000 which Dixon and Farr misappropriated, $719,000 was used to benefit Dixon and $229,000 was used to benefit Farr.
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Of the approximately $948,000 which Dixon and Farr misappropriated, $719,000 was used to benefit Dixon and $229,000 was used to benefit Farr.
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"On December 30, 2008, Farr and Dixon executed a promissory note pursuant to which Dixon was not required to repay any amount to Sea Jay for six years.
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"During December 2008, Farr also made a series of cash withdrawals from Sea Jay’s bank account at approximately the same date and time, and in the same locations, as Dixon made cash deposits," the SEC alleged.
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"Over the course of approximately two weeks, Farr and Dixon made at least 25 corresponding cash transactions in banks near Atlanta, Georgia and Naples, Florida where they both own homes.
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On many of these days, Farr and Dixon made similar withdrawals and deposits of cash on the same day.
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"On December 29, 2008, Dixon transferred $125,000 from the Onyx Fund to SCM Credit for investment purposes.
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The next day, Farr withdrew $100,000 in cash from SCM Houston’s account at a bank in Estero, Florida and Dixon deposited $130,000 in cash into Onyx Capital’s account at a bank located approximately 20 miles away."
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"Dixon used most of the December 2008 cash deposits so that it would appear to the Onyx Fund’s auditor that Onyx Capital had repaid the excess management fees it had withdrawn from the Onyx Fund during 2008," the agency charged.
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The letter was used to allay the fund's concerns that Dixon was too inexperienced to manage the investments, the SEC said.
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Tags: Atlanta, buy here pay here car dealers, Conyers Georgia, Denise Page Hood, Detroit, Detroit pension funds, Marietta Georgia, Merri Jo Gillette, Michael A. "Mike" Farr, Michael Farr, Onyx Capital Advisors LLC, Oynx Fund, pay here car dealers, Roy Dixon Jr., SCM Credit LLC, SCM Finance LLC, Sea Jay LLC, SEC, Second Chance Motors
RIMS | Archive
www.rmmag.org, 11 Feb 2011 [cached]
Onyx Capital founder Roy Dixon, Jr. raised close to $24 million from three public pension funds for a start-up private equity fund and then illegally withdrew money invested by the pension funds to cover personal and other business expenses. Assisting Dixon was his friend and former NFL wide reciever for the Detroit Lions, Michael A. Farr, who controls three companies in which the Onyx fund invested millions of dollars.
An indictment alleges Roy Dixon ...
www.flinttalk.com, 30 Sept 2013 [cached]
An indictment alleges Roy Dixon funded a lavish lifestyle, including an Atlanta house, with money from the Detroit pension funds. An indictment alleges Roy Dixon funded a lavish lifestyle, including an Atlanta house, with money from the Detroit pension funds. (AP)
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Roy Dixon, a Georgia investment adviser with ties to Detroit, wanted some of that money, prosecutors allege. He is charged in a federal indictment with paying a series of bribes to get the cash, including money for Kilpatrick and cash for the ex-mayor's fraternity brother, former city Treasurer Jeffrey Beasley.
In 2006, months after the Detroit City Council approved Kilpatrick's Wall Street deal, Dixon formed the private-equity firm Onyx Capital Advisers, which was based in Detroit.
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To secure the investment, prosecutors allege Dixon paid bribes and kickbacks to Kilpatrick, Beasley, three other pension trustees and others.
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Dixon and an unnamed business partner also allegedly contributed $45,000 to Kilpatrick's nonprofit, the Kilpatrick Civic Fund.
Trial coming in MarchDixon, 50, was indicted in December and accused of embezzling more than $3 million. He will stand trial in March and faces up to 20 years in prison if convicted of charges including bribery and conspiracy to commit wire fraud.
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In court documents, Dixon said Beasley and other pension officials extorted money and gifts from him.
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The indictment and a probe by the U.S. Securities and Exchange Commission allege Dixon fueled a lavish lifestyle with money loaned on behalf of Detroit retirees.
In 2008, Dixon was building the stone mansion in Atlanta. The FBI and SEC analyzed bank and financial records and alleged that Dixon had Farr pay three construction companies $521,000 in pension fund cash, according to prosecutors.
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"Mr. Dixon asked me to do that," Farr said.
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Deal 'enormously risky'The criminal case against Dixon, Beasley and two others alleges a cozy relationship between the Atlanta businessman and pension officials.
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In December 2008, Dixon allegedly paid for a Police & Fire pension trustee, Paul Stewart, and his "paramour" to vacation in Naples, Fla., according to prosecutors.
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When Dixon was indicted last year, prosecutors said the Detroit pension funds had lost the entire $20 million investment in Onyx.
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That includes the pension funds' lawyer, Ronald Zajac, who is awaiting trial alongside Beasley, Stewart and Dixon.
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Five of the eight Detroit Police & Fire pension fund trustees who voted to lend $10 million to Georgia businessman Roy Dixon have either been indicted, sent to prison or accused of taking cash or trips during a corruption scandal involving the pension funds.
SEC Spotlight on Private Equity Fund Managers – Compliance, Examination and Enforcement Issues
www.mcguirewoods.com, 11 Mar 2013 [cached]
In SEC v. Onyx Capital Advisors, Roy Dixon, principal of Onyx Capital allegedly took more than $2 million from a fund as purported advance management fees. Several public pension funds had invested in the fund. During fundraising, one of the pension fund investors stated that it would not invest unless it received assurance that a friend of Dixon was associated with the fund. It is alleged that Dixon forged a letter from his friend stating that the friend was employed by the fund manager.
Roy Dixon Email: ...
www.25pressreleases.com, 8 Feb 2011 [cached]
Roy Dixon Email: rdixon@onyxcapitaladvisors.com Voice:(313)965-0186
Visit Our Site
25 Press Releases | Business | IT staffing continues to provide opportunities for business growth even in a slow economy
IT staffing continues to provide opportunities for business growth even in a slow economy @ 25PressReleases.com
Roy Dixon, Onyx Capital Advisors Partner weighs in on the greatest opportunities available in the staffing market as the economy rebounds and discusses latest industry forecasts.
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According to Roy Dixon, Onyx Capital Advisors, LLC, Managing Partner, "we can expect to see on-going growth with North America IT Services based on recent industry forecasts.
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