CLEVELAND (AP) — A northeast Ohio man accused of defrauding people out of $1.8 million in an investment scheme has pleaded guilty on 14 counts in federal court.
Prosecutors say 34-year-old Anthony Davian of Copley pleaded guilty Tuesday to one count of securities fraud, two counts of mail fraud, four counts of wire fraud and seven counts of money laundering.
Defense attorney Paul Adamson says Davian intends to do his best to pay full restitution. Adamson says Davian had good intentions but made some mistakes.
Prosecutors say Davian promoted and sold securities to at least 20 investors in several states between 2008 and 2013 through his hedge fund, Davian Capital Advisers LLC. Prosecutors say Davian misrepresented information about his business and used investors’ money to pay personal expenses.
He’ll be sentenced July 2.