Ohio Hedge Fund Manager Admits $1.8M Fraud

Mar 26 2014 | 10:11am ET

You can call him @hedgiefraud: Anthony Davian, a hedge-fund manager better known as @hedgieguy, has pleaded guilty to defrauding investors of $1.8 million.

Davian pleaded out to 14 charges of securities fraud, mail fraud, wire fraud and money laundering in Cleveland federal court yesterday. According to prosecutors, between 2008 and last year, when he was hit with a Securities and Exchange Commission lawsuit, the Davian Capital Advisers founder raised money from at least 20 investors, using it to finance a lavish lifestyle. The SEC called his promised returns “figments of Davian’s imagination.”

“This defendant deceived clients to line his own pockets,” U.S. Attorney Steven Dettelbach said. “We will continue to aggressively pursue cases in which investors are cheated out of their savings.”

Davis, 34, will be sentenced in July.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration.