Financial adviser indicted on fraud charges in Chicago

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.