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WARNING! Cheryl Arts and Steven Brewer created The Power Company after stealing 5.6 million and more from unsuspecting investors and clients at Brewer Investment Group and Brewer Financial. Both individuals were thrown out of the financial industry due to their illiegal practices. If the Power Company contacts you. RUN! You've been warned! Read the following!
The Commission brought an action against the two principals of Brewer Investment Group, LLC (BIG), a financial services holding company, and its related entities centered on an alleged fraudulent offering. Specifically, the complaint claims that a fraudulent sale of unregistered securities issued by an Isle of Man entity was made by the defendants and that the proceeds were used to try an prop up financially struggling BIG. SEC v. Brewer, Case 10-cv-09832 (N.D. Ill. Filed Oct. 29, 2010). Defendant Steve Brewer is a 25% owner, CEO and chairman of BIG. Defendant Adam Erickson also owns a stake in BIG and serves as its COO. Following its creation in late 2000, BIG and its operating subsidiaries, including a registered investment adviser and a registered broker dealer, were profitable. Its financial condition changed. By January 2009, the firm and its subsidiaries were struggling financially. In 2008, BIG suffered a $3 million operating loss. In January 2009, the firm received a default notice on a $2.5 million loan. Beginning in June 2009, a PPM was prepared to sell notes issued by FPA Limited, an Isle of Man Company. From June 2009 through September 2010, FPA made two offerings of notes based on the PPM. One was for $15 million of three-year asset-backed promissory notes paying 8%. An additional $15 million offering of one-year asset-backed notes which paid 5% was also made. Over a period of several months, 74 investors purchased $5.6 million in notes through entities related to BIG. The PPM was materially false and misleading, according to the complaint, in that: Use of proceeds: It made misrepresentations regarding the use of the proceeds by failing to tell investors that over 90% of the funds would be transferred to BIG; Financial condition: Investors were not told the financial condition of BIG; Risk of investment: The PPM implicitly and explicitly represented that the proceeds of the offering would be used to procure collateral which would secure the notes ; and Defaults: The defaults of BIG on its obligations were omitted from the materials provided to investors. The complaint alleges violations of Securities Act Sections 5 and 17(a), Exchange Act Sections 10(b) and 15(c)(1) and Advisers Act Section 206. The case is in litigation. See also Litig. Rel 21715 (Oct. 29, 2010
**TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**COMPLAINT:On June 10, 2009, NFA issued a Complaint alleging that BFG failed to observe high standards of commercial honor and just and equitable principles of trade; failed to maintain required books and records; failed to maintain required capital; and failed to give notice. The Complaint also alleged that BFG, Brewer and Arts failed to supervise.ANSWER:On September 3, 2009, BFG, Brewer and Arts filed an Answer to the Complaint in which they denied the material allegations contained therein.DECISION:On April 15, 2010, BFG and Brewer were ordered to be jointly and severally liable for a $100,000 fine. In addition, neither BFG nor any other NFA Member of which Brewer is a principal shall be registered as an FCM in the future, and in the event that BFG or any other NFA Member of which Brewer is a principal is registered as an IB at any time after 30 days have passed following the issuance of the Decision, such NFA Member will only operate pursuant to a valid guarantee agree. Arts' status as a principal of an NFA Member is terminated upon the issuance of the Decision and Arts was ordered to never apply to be an NFA Member or a principal of an NFA Member or act in any capacity that would require her to be listed as a principal of an NFA Member at any time in the future. Arts was also ordered to pay a $5,000 fine. Narrative for 0300729 - BREWER FUTURES GROUP LLC**TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**COMPLAINT:On June 10, 2009, NFA issued a Complaint alleging that BFG failed to observe high standards of commercial honor and just and equitable principles of trade; failed to maintain required books and records; failed to maintain required capital; and failed to give notice. The Complaint also alleged that BFG, Brewer and Arts failed to supervise.ANSWER:On September 3, 2009, BFG, Brewer and Arts filed an Answer to the Complaint in which they denied the material allegations contained therein.DECISION:On April 15, 2010, BFG and Brewer were ordered to be jointly and severally liable for a $100,000 fine. In addition, neither BFG nor any other NFA Member of which Brewer is a principal shall be registered as an FCM in the future, and in the event that BFG or any other NFA Member of which Brewer is a principal is registered as an IB at any time after 30 days have passed following the issuance of the Decision, such NFA Member will only operate pursuant to a valid guarantee agree. Arts' status as a principal of an NFA Member is terminated upon the issuance of the Decision and Arts was ordered to never apply to be an NFA Member or a principal of an NFA Member or act in any capacity that would require her to be listed as a principal of an NFA Member at any time in the future. Arts was also ordered to pay a $5,000 fine.NOTICE OF SUSPENSION OF MEMBERSHIP:On November 8, 2010, BFG and Brewer were suspended from NFA membership for failure to pay $40,000 of the fine. Narrative for 0246323 - BREWER, STEVEN JOHN**TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**COMPLAINT:On June 10, 2009, NFA issued a Complaint alleging that BFG failed to observe high standards of commercial honor and just and equitable principles of trade; failed to maintain required books and records; failed to maintain required capital; and failed to give notice. The Complaint also alleged that BFG, Brewer and Arts failed to supervise.ANSWER:On September 3, 2009, BFG, Brewer and Arts filed an Answer to the Complaint in which they denied the material allegations contained therein.DECISION:On April 15, 2010, BFG and Brewer were ordered to be jointly and severally liable for a $100,000 fine. In addition, neither BFG nor any other NFA Member of which Brewer is a principal shall be registered as an FCM in the future, and in the event that BFG or any other NFA Member of which Brewer is a principal is registered as an IB at any time after 30 days have passed following the issuance of the Decision, such NFA Member will only operate pursuant to a valid guarantee agree. Arts' status as a principal of an NFA Member is terminated upon the issuance of the Decision and Arts was ordered to never apply to be an NFA Member or a principal of an NFA Member or act in any capacity that would require her to be listed as a principal of an NFA Member at any time in the future. Arts was also ordered to pay a $5,000 fine.NOTICE OF SUSPENSION OF MEMBERSHIP:On November 8, 2010, BFG and Brewer were suspended from NFA membership for failure to pay $40,000 of the fine.
Case Documents Summary NFA IDRespondentDocument Type 0262345ARTS, CHERYL ANNANSWER 0262345ARTS, CHERYL ANNCOMPLAINT 0262345ARTS, CHERYL ANNDECISION 0300729BREWER FUTURES GROUP LLCANSWER 0300729BREWER FUTURES GROUP LLCCOMPLAINT 0300729BREWER FUTURES GROUP LLCDECISION 0300729BREWER FUTURES GROUP LLCNOTICE OF SUSPENSION OF MEMBERSHIP 0246323BREWER, STEVEN JOHNANSWER 0246323BREWER, STEVEN JOHNCOMPLAINT 0246323BREWER, STEVEN JOHNDECISION 0246323BREWER, STEVEN JOHNNOTICE OF SUSPENSION OF MEMBERSHIP
3 Updates & Rebuttals
Bobby
United States of AmericaTHE POWER COMPANY IS A SCAM!
#4Author of original report
Sat, March 09, 2013
This is Cheryl Arts and Steve Brewer Managing Director's National Future Associations RAP Sheet. Doesn't look like these two d****ebags are saints. They have a long track record of stealing from every organization that they are associated. Here's the Proof. DO NOT CONTACT THE POWER COMPANY IT'S A SCAM!!!
Case SummaryCHERYL ANN ARTSNFA 09BCC00014NFA ID: 0262345 Respondent/Effective Date Summary NFA IDRespondentEffective Date 0262345ARTS, CHERYL ANN04/30/2010 0300729BREWER FUTURES GROUP LLC04/30/2010 0246323BREWER, STEVEN JOHN04/30/2010
Rule Summary NFA IDRespondentRule Type 0262345ARTS, CHERYL ANN C.R.2-9(a) - SUPERVISION OF EMPLOYEES 0300729BREWER FUTURES GROUP LLC C.R.2-9(a) - SUPERVISION OF EMPLOYEES F.R.SEC5NEW - INTRODUCING BROKER FINANCIAL REQUIREMENTS C.R.2-10 - RECORDKEEPING FCMS/IBS C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR 0246323BREWER, STEVEN JOHN C.R.2-9(a) - SUPERVISION OF EMPLOYEES
Committee Summary NFA IDRespondentCommittee 0262345ARTS, CHERYL ANN BUSINESS CONDUCT COMMITTEE HEARING COMMITTEE 0300729BREWER FUTURES GROUP LLC HEARING COMMITTEE BUSINESS CONDUCT COMMITTEE 0246323BREWER, STEVEN JOHN HEARING COMMITTEE BUSINESS CONDUCT COMMITTEE
Action Summary NFA IDRespondentAction Types 0262345ARTS, CHERYL ANN GENERAL CONDUCT 0300729BREWER FUTURES GROUP LLC GENERAL CONDUCT FINANCIAL 0246323BREWER, STEVEN JOHN GENERAL CONDUCT
Penalty/Event Summary NFA IDRespondentPenalty/EventEvent Date 0262345ARTS, CHERYL ANN FINE $500004/15/2010 PERMANENT BAR FROM PRINCIPAL STATUS04/15/2010 PERMANENT BAR FROM NFA MEMBERSHIP04/15/2010 0300729BREWER FUTURES GROUP LLC SUSPENDED FROM MEMBERSHIP INDF11/08/2010 FINE (JOINTLY AND SEVERALLY) $10000004/15/2010 OTHER--SEE NARRATIVE04/15/2010 0246323BREWER, STEVEN JOHN SUSPENDED FROM MEMBERSHIP INDF11/08/2010 FINE (JOINTLY AND SEVERALLY) $10000004/15/2010 OTHER--SEE NARRATIVE04/15/2010
Narrative Summary Narrative for 0262345 - ARTS, CHERYL ANN**TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:On June 10, 2009, NFA issued a Complaint alleging that BFG failed to observe high standards of commercial honor and just and equitable principles of trade; failed to maintain required books and records; failed to maintain required capital; and failed to give notice. The Complaint also alleged that BFG, Brewer and Arts failed to supervise.
ANSWER:On September 3, 2009, BFG, Brewer and Arts filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:On April 15, 2010, BFG and Brewer were ordered to be jointly and severally liable for a $100,000 fine. In addition, neither BFG nor any other NFA Member of which Brewer is a principal shall be registered as an FCM in the future, and in the event that BFG or any other NFA Member of which Brewer is a principal is registered as an IB at any time after 30 days have passed following the issuance of the Decision, such NFA Member will only operate pursuant to a valid guarantee agree. Arts' status as a principal of an NFA Member is terminated upon the issuance of the Decision and Arts was ordered to never apply to be an NFA Member or a principal of an NFA Member or act in any capacity that would require her to be listed as a principal of an NFA Member at any time in the future. Arts was also ordered to pay a $5,000 fine. Narrative for 0300729 - BREWER FUTURES GROUP LLC
**TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:On June 10, 2009, NFA issued a Complaint alleging that BFG failed to observe high standards of commercial honor and just and equitable principles of trade; failed to maintain required books and records; failed to maintain required capital; and failed to give notice. The Complaint also alleged that BFG, Brewer and Arts failed to supervise.
ANSWER:On September 3, 2009, BFG, Brewer and Arts filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:On April 15, 2010, BFG and Brewer were ordered to be jointly and severally liable for a $100,000 fine. In addition, neither BFG nor any other NFA Member of which Brewer is a principal shall be registered as an FCM in the future, and in the event that BFG or any other NFA Member of which Brewer is a principal is registered as an IB at any time after 30 days have passed following the issuance of the Decision, such NFA Member will only operate pursuant to a valid guarantee agree. Arts' status as a principal of an NFA Member is terminated upon the issuance of the Decision and Arts was ordered to never apply to be an NFA Member or a principal of an NFA Member or act in any capacity that would require her to be listed as a principal of an NFA Member at any time in the future. Arts was also ordered to pay a $5,000 fine.NOTICE OF SUSPENSION OF MEMBERSHIP:On November 8, 2010, BFG and Brewer were suspended from NFA membership for failure to pay $40,000 of the fine. Narrative for 0246323 - BREWER, STEVEN JOHN
**TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:On June 10, 2009, NFA issued a Complaint alleging that BFG failed to observe high standards of commercial honor and just and equitable principles of trade; failed to maintain required books and records; failed to maintain required capital; and failed to give notice. The Complaint also alleged that BFG, Brewer and Arts failed to supervise.
ANSWER:On September 3, 2009, BFG, Brewer and Arts filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:On April 15, 2010, BFG and Brewer were ordered to be jointly and severally liable for a $100,000 fine. In addition, neither BFG nor any other NFA Member of which Brewer is a principal shall be registered as an FCM in the future, and in the event that BFG or any other NFA Member of which Brewer is a principal is registered as an IB at any time after 30 days have passed following the issuance of the Decision, such NFA Member will only operate pursuant to a valid guarantee agree. Arts' status as a principal of an NFA Member is terminated upon the issuance of the Decision and Arts was ordered to never apply to be an NFA Member or a principal of an NFA Member or act in any capacity that would require her to be listed as a principal of an NFA Member at any time in the future. Arts was also ordered to pay a $5,000 fine.NOTICE OF SUSPENSION OF MEMBERSHIP:On November 8, 2010, BFG and Brewer were suspended from NFA membership for failure to pay $40,000 of the fine.
Case Documents Summary NFA IDRespondentDocument Type 0262345ARTS, CHERYL ANNANSWER 0262345ARTS, CHERYL ANNCOMPLAINT 0262345ARTS, CHERYL ANNDECISION 0300729BREWER FUTURES GROUP LLCANSWER 0300729BREWER FUTURES GROUP LLCCOMPLAINT 0300729BREWER FUTURES GROUP LLCDECISION 0300729BREWER FUTURES GROUP LLCNOTICE OF SUSPENSION OF MEMBERSHIP 0246323BREWER, STEVEN JOHNANSWER 0246323BREWER, STEVEN JOHNCOMPLAINT 0246323BREWER, STEVEN JOHNDECISION 0246323BREWER, STEVEN JOHNNOTICE OF SUSPENSION OF MEMBERSHIP
Bobby
United States of AmericaTypical Steve Brewer LIES!
#4Author of original report
Sat, March 09, 2013
So Steve Brewer has nothing to do with The Power Company??? This is Steve Brewer's title taken directly from Linkedin:
Steven BrewerManaging Director of The Power Company USA Location Greater Chicago Area Industry Consumer Services Current The Power Company
This man and Cheryl Arts are criminals that stole money from innocent people while they owned Brewer Financial Services and Brewer Investment Group. Cheryl Arts was banned for life with heavy fines from FINRA? Why???? She steals money... Get's banned from the financial industry for life! But, she's wonderful because she disguises her illegal activities by working part time for a charity. Return the 5.6 million that YOU and Brewer stole. Stop lying for Steve Brewer and Cheryl Arts. These people are scum bag thieves that started the Power Company in Chicago. Beware!!! Google them! Go to Linkedin.com and look for youselves!
TPC
Chicago,Illinois,
United States of America
Rebuttal
#4UPDATE Employee
Tue, January 15, 2013
Never has their been an allegation or adjudication of a violation of any criminal law. Steven Brewer is not a principal of The Power Company.
The statement of stealing money is untrue. The offering was constructed by the attorneys of four well-respected financial institutions, one being of the five largest financial institutions in the world. Throughout the offering of the note, the company was under the regulations of FINRA. The issue was settled through a consent decree with the SEC, where the defendants neither admit nor deny the allegations.
Regarding the NFA report for Brewer Futures Group and Ms. Arts, Brewer Futures Group was in existence for over 10 years and serviced tens of thousands of satisfied customers without a single customer reparation in an industry where customer reparations were commonplace. The NFAs interpretation of what is a current asset changed with its last audit, much to the surprise of a number of industry stalwarts and also contradicted Generally Accepted Accounting Principles.
Ms. Arts is a respected member of her community and has been an active volunteer for a number of charities, and has been named Volunteer of the Year for a well respected and well known pediatric cancer foundation. During her 17 year tenure in the Commodities Industry she was very well respected by her peers and clients. She was not banned from the commodities industry, and she is still allowed to be an Associate Member of the NFA.