Copley man charged with defrauding investors out of $1.8M - Hawaii News Now - KGMB and KHNL

Copley man charged with defrauding investors out of $1.8M

(WOIO) -

A Copley man is charged with operating a fraudulent investment scheme, which caused investors to lose approximately $1.8M.

Anthony Davian, 34, was charged with one count of securities fraud, two counts of mail fraud, four counts of wire fraud and seven counts of money laundering.

The information charges that between July 2008 and July 2013, Davian used his hedge fund, Davian Capital Advisers, LLC, to promote and sell securities to at least 20 investors across several states, resulting in $1.8 million in overall investor loss.

Davian purported to sell securities in the form of shares in the various funds he created and controlled, including Davian Capital, Rubber City Gravity, Rubber City Pure Alpha, Cleveland Precious Metals Fund, and others. Instead, he used the investors' monies to redeem earlier investors, enrich himself and pay off personal expenses, such as the purchase of an Audi Q7 Prestige, according to the information.

The investigation revealed that Davian cajoled investors' into giving him hundreds of thousands of dollars by claiming to manage hundreds of millions of dollars to make himself appear more sophisticated than he really was and by falsifying client account statements, according to the information. An information is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government's burden to prove guilt beyond a reasonable doubt.

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