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A Copley man has been charged in a 14-count information after federal prosecutors say investors lost $1.8 million.

Anthony Davian, 34, faces a charge of securities fraud, two counts of mail fraud, four counts of wire fraud and seven counts of money laundering.

The information alleges that between 2008 and 2013 Davian used his hedge fund to promote and sell securities to at least 20 investors in several states.

Prosecutors say Davian purported to sell securities in the form of shares in the various funds he created and controlled, including Davian Capital, Rubber City Gravity, Rubber City Pure Alpha, Cleveland Precious Metals Fund, and others. Instead, prosecutors allege he used the investors' monies to redeem earlier investors, enrich himself and pay off personal expenses.

"This defendant took advantage of his clients' trust to steal from them and live the high life," said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio. "We will continue to aggressively pursue cases in which investors are cheated out of their savings."

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