Ohio Investment Manager Charged with Cheating Investors Pleads Guilty
On Tuesday, March 25, a 34-year-old investment manager from Copley, Ohio pleaded guilty to criminal charges for operating a fraudulent investment scheme that bilked investors of roughly $1.8 million. Anthony Davian had been charged with 14 counts related to the scheme, including securities fraud, wire fraud, mail fraud, and money laundering. Davian is scheduled to be sentenced in early July, and faces years in prison.
Davian's case is a classic example of the type of deceptive conduct that can cost investors extensive amounts of money, as well as willful fraud. Davian's scheme, according to officials, was constructed solely around his personal gain.
Charges against Davian involve Davian Capital Advisors, LLC, a hedge fund Davian used to promote and sell securities to at least 20 investors from several states. Davian would allegedly sell shares to funds he created and controlled, but instead used investors' money to pay back earlier investors (a Ponzi scheme) and to pay personal expenses. Davian lived a lavish lifestyle, and used investor money to purchase high-line cars and build a luxury home, according to court documents.
Investigators determined that Davian made false claims to investors that he managed hundreds of millions of dollars with the intent to misrepresent himself as a more sophisticated, successful investment manager. Investigators also determined that Davian falsified client account statements. The Securities and Exchange Commission (SEC) charged Davian and his hedge fund company with fraud last year, referring to the company as Davian's "personal piggy bank."
Protecting Investor Rights
Stories like that of Anthony Davian and his many cheated investors are all too common. At Meyer Wilson, our securities fraud attorneys have helped clients across the nation assert their rights after investment fraud similar to Davian's scheme. Throughout the years, we've recovered millions of dollars on their behalf. If you would like more information about your potential claim and how our firm can help you recover your losses, call 888-390-6491 today.