Brewer Investment Group
 | |
| Company type | Private |
|---|---|
| Industry | Wealth Management |
| Founded | 2000 |
| Founder | Steven J. Brewer, Founder |
| Headquarters | Chicago, Illinois, U.S. |
| Services | Financial Services, Futures, Forex, Insurance. |
| Website | www |
Brewer Investment Group[1] is a wealth management firm founded in 2000 and headquartered in Chicago, Illinois.
The firm owns five subsidiary companies: Brewer Financial Services; Brewer Investment Advisor (RIA); Advisor Resource; Brewer Futures Group; and Brewer Insurance Group. [1][dead link]
The Securities and Exchange Commission announced that, on October 28, 2010, it filed a civil action in the United States District Court for the Northern District of Illinois, Eastern Division, against Brewer Financial Services, LLC ("BFS"), a registered broker-dealer, Brewer Investment Advisors, LLC ("BIA"), a registered investment adviser, Brewer Investment Group, LLC ("BIG"), their parent holding company, and their managing principals/officers, Steven Brewer and Adam Erickson, for allegedly participating in a fraudulent offering of promissory notes. BFS, BIA, and BIG are based in, and Brewer and Erickson reside in, Chicago, Illinois.[citation needed]
The Complaint alleges that, from June 2009 through at least September 2010, the defendants raised approximately $5.6 million from 74 investors who invested in promissory notes issued by an Isle of Man company. Although investors were told that their money would be used to repay certain debts of the issuer's parent company, and thereby release assets that would be used to secure their promissory note obligations, the Complaint alleges that nearly all of the offering proceeds were transferred to BIG and its subsidiaries. According to the Complaint, in addition to misrepresenting the manner in which the offering proceeds would be used, the defendants failed to tell investors that BIG and its subsidiaries were in a precarious financial state. In addition to sustaining substantial operating losses from the inception of the offering through the present, BIG had failed to make required interest payments to investors by July 1, 2010, and had failed to meet its own payroll obligations by August 2010. The Complaint alleges that, notwithstanding, and without disclosing, this material information, the defendants continued selling promissory notes to new investors for at least three additional months. According to the Complaint, the note offerings were not registered with the Commission.[2]
Divisions/Subsidiaries
[edit]Brewer Financial Services, LLC is Brewer's main subsidiary, a full-service broker-dealer specializing in wealth management[3][4] with twenty-seven additional offices across the United States.
Brewer Investment Advisors, LLC is RIA advisory services and management of investor assets. Works closely with Brewer Financial Service.[5][6]
Advisor Resource, LLC is research & international wholesaling of third-party investment products for broker-dealers, RIAs (Registered Investment Advisors), and trust departments.
Brewer Futures Group, LLC is an Introducing Broker with futures and forex (off-exchange foreign currency futures and options) trading, managed trading programs, market commentary and educational resources.[7]
Brewer Insurance Group, LLC is an insurance brokerage division.[8]
Executives
[edit] |
Steve Brewer: Founder and CEO of Brewer Investment Group. Founded company in 2000.
Bob Whalen: President of Brewer Financial Services. In 2008, Whalen, former vice president of Ameriprise Financial Services, was hired by Brewer.[9][10]
Adam Erickson: Managing Principal, COO of Brewer Investment Group.
Richard Chew: Managing Director of Brewer Insurance Group. Chew was named Managing Director in March 2009 as announced by Fidelity Investments.[11]
Jay Norris: Senior Market Strategist of Brewer Futures Group.[12]
References
[edit]- ^ "Futures Magazine Group". Archived from the original on 2009-04-06. Retrieved 2009-03-28.
- ^ "SEC Halts Offering Fraud by Chicago-Based Firm". SEC. Retrieved 2011-02-26.
- ^ Credit Experts- Chicago-Sun Times
- ^ Brewer Financial Services hires four advisers from Ameriprise Archived April 11, 2009, at the Wayback Machine
- ^ Bob Whalen to double advisor base-- WallStreetLetter Archived April 12, 2009, at the Wayback Machine
- ^ Brewer financial adds Ameriprise Advisors--Financial Advisor Magazine
- ^ Futures experts-Crain's Chicago Business News[dead link]
- ^ Forbes.com
- ^ Investment Weekly News[dead link]
- ^ Whalen hiring many FIA's in 2009- EuroMoney Magazine
- ^ Fidelity Investments News
- ^ Jay Norris discusses Forex trading on Yorba.TV Archived June 15, 2009, at the Wayback Machine