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SEC freezes assets of 2 Brewer financial firms

The Securities and Exchange Commission on Friday obtained an emergency court order to freeze the assets of Brewer Financial Services LLC and Brewer Investment Advisors LLC, two Chicago firms it alleged were funneling funds from investors to subsidize their own troubled companies.

The SEC alleged that firm owners Steven Brewer and Adam Erickson raised about $5.6 million from 74 investors between June 2009 and Sept. 30, 2010, using offering materials that misstated or concealed how the funds would be used, the risk level of the investment and the financial condition of their companies. Get the full story »