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Courts and Crime

Akron-area hedge-fund manager admits fraud
Davian pleads guilty toe money launders and fraud, will be sentenced July 2

Web Editor
M.L. Schultze
In The Region:

A 34-year-old Copley man who was once a heavily promoted hedge- fund manager has admitted he helped steal $1.8 million through a series of funds he set up. 

Anthony Davian pleaded guilty in federal court today (Tuesday) to 14 counts of securities, mail and wire fraud and money laundering.

According to the U.S. attorney’s office, Davian lured people into putting money into funds including Davian Capital, the Cleveland Precious Metals Fund and Rubber City Gravity from July 2008 to July of last year. He used phony client accounts and claims that he was managing hundreds of millions of dollars that were paying investors 20 percent or more in returns. 

Instead, the money was going toward his personal expenses and lifestyle, and to pay off some old investors.

Davian is to be sentenced July 2.

Click here for a Plain Dealer story outlining Davian's operation.

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