A Copley, Ohio, man was sentenced to nearly five years in prison for operating a fraudulent investment scheme that cost investors nearly $1.8 million, says Steven M. Dettelbach, U.S. Attorney for the Northern District of Ohio.

Anthony Davian, 35, pleaded guilty earlier this year to securities fraud, mail fraud, wire fraud and money laundering. He was sentenced on Monday in U.S. District Court to 57 months in prison and ordered to pay $1,787,679 in restitution, as well as forfeiting property.

Davian used his hedge fund, Davian Capital Advisers LLC, to sell securities to at least 20 investors in several states between 2008 and 2013, according to court documents. Instead of investing the money he paid off earlier investors and bought luxury items for himself.

Davian convinced investors to put money in his fund by pretending to manage millions of dollars to make himself seem more sophisticated than he was and by falsifying client account records, the court said.