The Securities and Exchange Commission has charged Onyx Capital Advisors, a Detroit-based private-equity firm, with allegedly bilking roughly $3 million from three of the city's public pension funds.

According to the April 22 complaint, the SEC said that it has pursued this recent civil action as an attempt to "stop an ongoing fraud" by Roy Dixon, Onyx’s owner and founding member, and Michael Farr, a friend of Dixon’s who "provided substantial assistance … in these misappropriations."

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