Financial adviser indicted on fraud charges in Chicago

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

CHICAGO (AP) _ A financial adviser faces federal charges that he bilked clients from Chicago and around the country out of $4.7 million after promising he’d make them money.

The U.S. Attorney’s office in Chicago says Darayl Davis of Bowie, Maryland, was indicted on felony charges of wire fraud, mail fraud, money laundering and aggravated identity theft.

Prosecutors allege Davis guaranteed to clients annual interest payments of at least 6 percent if they invested with his firms, Washington D.C.-based Financial Assurance Corp. and Los Angeles-based Affluent Advisory Group LLC.

The indictment alleges that after some clients rolled over their retirement savings into an account Davos controlled, he spent the money on himself for things like rental of a mansion.

Davis doesn’t have a listed phone number and couldn’t be reached for comment.

FOX 2 Newsletters

Sign up for a newsletter from FOX 2 to get updates about news and weather. We offer daily headlines, breaking news, severe weather, and forecast emails.


Latest News

More News