SEC Sues Hedge Fund Manager For Stripping Co. Coffers

Law360, New York (August 13, 2013, 6:07 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday charged a colorful money manager with using his company as a “personal piggy bank,” investing some of his client's funds but spending the rest on lavish purchases for himself.

Anthony Davian, founder of Ohio-based Davian Capital Advisors, misappropriated more than $1 million of investors' money in his unregistered management company, according to the SEC complaint. The fund launched in 2008 and by June 2011, Davian, its sole controller, had raised from clients $1.5 million that he allegedly squandered....
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