An advisor purporting to serve professional athletes defrauded investors of $11.5 million by steering their funds into his own real estate ventures, according to an SEC complaint.

Richard W. Davis Jr., founder of Davis Financial and Davis Capital Group in Charlotte, N.C., "doubled down on his deception by falsely telling investors their investments were growing while his companies were not even repaying the loans,” Stephen Cohen, associate director of the SEC's enforcement division, said in a statement.

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