In 2002, Mike Farr started Second Chance Motors to address the inconsistencies in financing subprime customers in the used vehicle segment of the market place. On January 8, 2013, the U.S. Securities and Exchange Commission agreed to settle its claims against Farr, who allegedly helped investment adviser Roy Dixon Jr. and his private equity firm steal $3.1 million from three Michigan pension funds.
In 2002, Mike Farr established Second Chance Motors to address financing challenges faced by subprime customers in the used car market. In 2013, the SEC settled its case against Farr for aiding Roy Dixon Jr., an investment advisor and his private equity firm, in stealing $3.1 million from three Michigan pension funds.