Benedicte Gravrand, Opalesque Geneva:
According to an excellent report from the Southern Investigative Reporting Foundation (SIRF), it is highly likely that Anthony Davian, head of Davian Capital Advisors, may have conducted a fraud. Although as he still being investigated, nothing has been confirmed.
Davian Capital, a $200m hedge fund firm based in Ohio, runs three LP hedge funds, according to the website; the Cleveland Alpha Fund, the Cleveland Gravity Fund and the Cleveland Precious Metals Fund. It was either set up in 2007 or in 2008, according to two contradictory statements from Anthony Davian. It reportedly moved from Akron to Richfield this year.
There were several red flags, starting with Davianís claim to have a degree in accounting (which is untrue), his seeking personal bankruptcy protection in 2003, several other past outstanding claims from creditors, his claim to have returned 42% in his first year of trading in 2007 (when other equity long/short managers returned on average 13%), among them.
"His trading proved so profitable that by August 2007, Davian was spending much of his time "golfing and fishing," according to his......................
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