NAPLES — A federal judge has sentenced money manager Blayne Davis to nine years in prison for defrauding investors of more than $13 million.
According to a statement from the U.S. Attorney's office, Blayne Davis, formerly of Naples, was director of trading for Capital Blu Management. The firm provided investments and managed accounts in the foreign-exchange market.
Investors suffered more than $13 million in losses after Davis and co-conspirators misrepresented the values and the risks of the investments. Over 100 investors lost money in the scheme, the U.S. Attorney's office says in the statement.
U.S. District Court Judge Carlos Mendoza sentenced Davis on Oct. 8 in Orlando. He pleaded guilty on July 28 to one count of conspiracy to commit mail and wire fraud and is cooperating with prosecutors.