FINANCIAL ADVISER FACES FRAUD CHARGES OVER $4.7M

The U.S. Attorney’s office in Chicago says DaRayl Davis of Bowie, Maryland, has been indicted on felony charges of wire fraud, mail fraud, money laundering and aggravated identity theft, bilking clients around the country out of $4.7 million. Prosecutors allege Davis guaranteed annual interest payments of at least 6 percent to his clients if they invested with his firms, Washington D.C.-based Financial Assurance Corp. and Los Angeles-based Affluent Advisory Group LLC. The indictment alleges Davis spent the money on himself.