Wednesday, 28 January 2015
Last updated 2 hours ago
Jul 16 2013 | 12:10pm ET
Something is rotten in the state of Ohio…Akron, Ohio to be exact. Well-know Twitter personality @hedgieguy, also known as Anthony Davian of hedge fund firm Davian Capital Advisors, is being investigated by the feds, according to the Southern Investigative Reporting Foundation.
Davian—who runs an investing newsletter that provides stock tips—claimed that his eponymously named hedge fund managed $200 million at its height. However, according to the article, Davian’s life of golf and country clubs began to unravel last year when suspicious employees began asking simple questions such as “where do you keep the money?” They allegedly never received a straight answer.
At one point earlier this year, Davian fired the fund’s director of investor relations and marketing, Sean-Michael Kvacek, accusing him of forwarding emails along to a fund of funds, reports SIRF. It turns out, Kvacek, who had become suspicious of his boss, forwarded some materials to a fund of funds run by former President Jimmy Carter’s son, Jack Carter of Carter Capital.
“He figured that if anyone could effectively alert authorities to what he had come to believe was a complete fraud, it was a former senatorial candidate and president’s kid,” reports SIRF. Two weeks later, in June, the Secret Service and the U.S. Postal Service raided Davian’s offices and confiscated computers.
Since the alleged fraud has been unmasked, Davian has been admitted to the hospital with carbon monoxide poisoning after his wife found him passed out in his car. He is reportedly now back in his office and he claims his firm is still running and everything is fine.
According to the article, investors should not hold out too much hope of seeing their money again.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…