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

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note