New York (HedgeCo.Net) – The SEC has charged Ohio hedge fund manager Anthony Davian with misappropriating more than $1 million from investors in funds managed by his company, defendant Davian Capital Advisors, LLC.
In July 2008, Davian formed Davian Capital, an unregistered investment adviser, and created LP I as a hedge fund. Davian claimed to have $5 million under management in LP I.
The SEC says that Davian Capital is nothing more than Davian’s personal piggy bank. He has invested only some of his clients’ funds. He used the rest to finance construction of a luxury home for himself, and to buy himself a luxury car, among other things.
The SEC wants to stop the defendants’ ongoing violations of the federal securities laws, to prevent further harm to investors, and to seek disgorgement and civil penalties stemming from defendants’ wrongdoing, among other remedies.
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