Ohio man charged in alleged $1.8M investment fraud

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CLEVELAND (AP) -- A northeast Ohio man accused of defrauding people out of $1.8 million in an investment scheme is facing charges in federal court.

Federal prosecutors say they charged 34-year-old Anthony Davian with 14 counts in a criminal information. That process often indicates a guilty plea is pending.

A message seeking comment was left Friday for Davian's attorney. Davian is from Copley, in suburban Akron.

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 his personal and operating expenses.

Half of the charges are for money laundering. The other counts allege mail, wire and securities fraud.