Davian, 34, pleaded guilty to one count of securities fraud, two counts of mail fraud, four counts of wire fraud, and seven counts of money laundering.
Davian is well-known in the Twittersphere as @hedgieguy.
According to the DOJ, Davian used his fund "to promote and sell securities to at least 20 investors across several states, resulting in $1.8 million in overall investor loss."
Back in August, the Securities and Exchange Commission said that he touted the hedge fund as "a highly successful investment firm managing a portfolio of profitable hedge funds." However, the SEC said that Davian Capital was "nothing more than Davian's personal piggy bank." The regulator said that he only invested some of the capital and used the rest to pay of early redeemers and "to finance construction of a luxury home for himself, and to buy himself a luxury car, among other things."
Roddy Boyd at the Southern Investigative Reporting Foundation was the first to report Davian was under investigation last summer and that he had attempted suicide in his car. Davian had called it "accidental carbon monoxide poisoning," Boyd reported.