Task Force Efforts Send Fraud Perpetrators To Prison For Stealing Millions

By  //  May 18, 2015

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ordered to pay $13,215,874.75 in restitution

The Brevard County Sheriff’s Office is pleased to announce that 33-year-old Donovan G. Davis, Jr. of Palm Bay, was found guilty in Federal Court on charges stemming from an investment fraud scheme in which more than 100 investors lost over $13 million dollars.

The Brevard County Sheriff’s Office is pleased to announce that 33-year-old Donovan G. Davis, Jr. of Palm Bay, was found guilty in Federal Court on charges stemming from an investment fraud scheme in which more than 100 investors lost over $13 million dollars.

The Brevard County Sheriff’s Office is pleased to announce that 33-year-old Donovan G. Davis, Jr. of Palm Bay, was found guilty in Federal Court on charges stemming from an investment fraud scheme in which more than 100 investors lost over $13 million dollars.

Davis was found guilty of one count of Conspiracy to Commit Mail/Wire Fraud, one count of Mail Fraud, six counts of Wire Fraud and eight counts of Money Laundering. After the verdict was returned, Davis to be remanded to the U.S. Marshal Service pending his August 5, 2015, scheduled sentencing.

Co-defendant, 33-year-old Blayne S. Davis of Naples, Fla., pled guilty to Conspiracy to Commit Mail/Wire Fraud and was sentenced to Federal Prison for a nine-year term, and ordered to pay $13,215,874.75 in restitution.

Co-defendant, 38-year-old Damien L. Bromfield of Ocoee, Fla., pled guilty to Conspiracy to Commit Wire Fraud and is currently pending sentencing.

COOPERATIVE TASK FORCE

The investigation and successful prosecution were due to the cooperative task force efforts consisting of agents from the Brevard County Sheriff’s Office, the IRS-Criminal Investigations Division, the U.S. Secret Service, the Florida Department of Law Enforcement and the United States Attorney’s Office.

Donovan G. Davis

Donovan G. Davis

The investigation determined that Donovan Davis, Jr. was the managing member of Capital Blu Management, LLC, a Florida-based corporation that purported to offer investment and managed account services for investors in the off-exchange of foreign currency. Blayne S. Davis was the director of trading, and Bromfield was the director of operations.

Blayne S. Davis and Bromfield formed Capital Blu in January 2007, where they began soliciting investors, resulting in substantial amounts being placed under the company’s management.

Donovan Davis, Jr., became a managing member of Capital Blu in August 2007, working out of an office in Melbourne. The defendants then formed the CBM FX Fund, LP, which pooled investors’ money into a common fund to be traded by Capital Blu Management.

Blayne S. Davis

Blayne S. Davis

By January 2008, the CBM FX Fund had sustained significant trading losses, resulting in large financial losses. At or about that time, the defendants began defrauding investors by means of materially false and fraudulent pretenses, representations and promises.

These included a series of misrepresentations about Capital Blu’s trading performance, the value of the fund and the risks of the fund. In addition, the men diverted investors’ money from the fund to pay for Capital Blu’s operational expenses and personal expenses, including their salaries and payments for the use of a private airplane and luxury cars.

As of September 2008, investors had deposited over $16.9 million into the CBM FX Fund, resulting in the loss of over $13 million dollars.

Damien L. Bromfield

Damien L. Bromfield

I am extremely proud of the case agents, Sergeant Brian Neal and Agent Fernando Dominicis of the Sheriff’s Office, and IRS Special Agent Butch Searle, who committed the past several years to meticulous research and investigation, which resulted in the arrest and conviction of those who have defrauded many of their total life savings.

Financial crimes of this nature are very complicated and time consuming, but due to some great investigative effort and our incredible federal partners, these individuals can no longer harm our citizens.

Please join me in thanking Sergeant Neal, Agent Dominicis and Special Agent Searle for their dedication to protecting our citizens and the incredible support of the United States Attorney’s Office, the Internal Revenue Service CID, the U.S. Secret Service, FDLE and the entire USSS/IRS Task Force.

ABOUT THE AUTHOR

Brevard County Sheriff Wayne Ivey has been a law enforcement officer for over three decades. Sheriff Ivey is a graduate of the FBI National Academy and has a Bachelor’s Degree from Daytona State College in Management and Supervision. Sheriff Ivey’s background in law enforcement is inclusive of Management, Criminal Investigations, Narcotics, Patrol Services, Public Integrity Investigations, and Corrections.

Sheriff Wayne Ivey

Prior to being elected in 2012, Sheriff Ivey served the citizens of the State of Florida as a Resident Agent in Charge for the Florida Department of Law Enforcement. As a member of the Florida Department of Law Enforcement Sheriff Ivey developed and created the country’s first ever statewide Task Force on Identity Theft.

That same year the Task Force was named one of the top five most innovative programs in the country by the International Association of Chiefs of Police and investigated approximately 44 million dollars in fraud cases. Additionally, as a member of FDLE, Sheriff Ivey created the Child Abduction Response Team (C.A.R.T) that re-defined the way Child Abduction cases are conducted throughout the country today.

Brevard County Sheriff Wayne Ivey has been a law enforcement officer for over three decades. Sheriff Ivey is a graduate of the FBI National Academy and has a Bachelor’s Degree from Daytona State College in Management and Supervision. Sheriff Ivey’s background in law enforcement is inclusive of Management, Criminal Investigations, Narcotics, Patrol Services, Public Integrity Investigations, and Corrections.

The program was later selected as the most innovative program in the country by the International Association of Chiefs of Police and is now used as a nationwide model in the response and investigation of child abductions.

Sheriff Ivey has testified before the United States Congress on law enforcement related matters and has extensive experience in the area of Public Integrity Investigations. Sheriff Ivey was honored as the Florida Department of Law Enforcement’s Special Agent of the Year (1996) and was also recognized by the Commissioner of the Florida Department of Law Enforcement for his Outstanding Contributions to Criminal Justice. In August of 2011 Sheriff Ivey was honored by the National Organization of Victims Advocacy for his work at the national level as an advocate of victim’s rights and protection.

Sheriff Ivey speaks regularly on topics such as Identity Theft, Crime in America, Human Trafficking, Domestic Violence, and Self Defense through Mental Preparedness. Sheriff Ivey firmly believes that Crime Prevention and Education are vital to reduce our crime rate and protect our community.


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