SEC v. Anthony J. Davian and Davian Capital Advisors, LLC, Case No. 5:13-cv-1762 (N.D. Ohio.). On August 14, 2013, the SEC announced it obtained a temporary restraining order and asset freeze against Anthony Davian and his asset management firm for allegedly defrauding investors in hedge funds they manage. According to the SEC, Davian raised around $1.5 million from investors in funds managed by Davian Capital. The SEC alleges that Davian gave investors marketing materials that falsely claimed high returns for investors. The SEC also alleges that Davian stole $1 million from investors and used the money to pay for personal expenses like construction of his home. The SEC charged Davian and Davian Capital with violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act and Rule 206(4)-8 thereunder. In addition to the asset freeze and temporary restraining order, the SEC seeks permanent injunctions, disgorgement and civil monetary penalties.
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