|Mike Farr accused of pension fund fraud
U.S. suit claims ex-Lion helped bilk $3.1M from Detroit, Pontiac retirement systems
Paul Egan / The Detroit News
From The Detroit News: Mike Farr accused of pension fund fraud | detnews.com | The Detroit NewsMike Farr is part of a Detroit family as famous for its car dealerships as its football talent. On Thursday, he was accused in a government lawsuit alleging civil fraud against pension funds in Detroit and Pontiac.Farr, 42, a former Detroit Lions receiver and the son of Lions great and “Mel Farr Superstar” car dealer Mel Farr Sr., is accused of helping businessman Roy Dixon Jr. bilk the public funds of more than $3.11 million.Michael Farr of Atlanta is president and CEO of Georgia-based Second Chance Motors Inc. He played four NFL seasons, three of them with the Lions. His older brother, Mel Farr Jr., also played in the NFL.Michael Farr is accused of working with his friend Dixon, whose Onyx Capital Advisers LLC received investments of close to $20 million from two city of Detroit pension funds and $5 million from the city pension fund in Pontiac. About 80 percent of the investment money allegedly went to businesses Farr controlled.
“These public pension funds provided seed capital to the Onyx Fund, and Dixon betrayed their trust by stealing their money,” U.S. Securities and Exchange Commission regional director Merri Jo Gillette said in a news release.