DARAYL DAVIS falsely represented to clients that they would receive fixed annual interest payments and guaranteed protection against losses if they invested with his firms – Washington, D.C.-based Financial Assurance Corp. and Los Angeles, Calif.-based Affluent Advisory Group LLC. Davis claimed that some of the investments would be backed by a well-known multinational life insurance company. In reality, Davis did not invest the funds as promised, and none of the purported investments had any affiliation with the life insurance company.
He promised his clients, many of them retirees who turned over their life savings, that they were “guaranteed” to make money with him. Instead, the Chicago-based financial advisor stole their money to bankroll a $40,000-a-month mansion in the Hollywood Hills, luxury sportscar rentals and other lavish expenses.
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