Overview
- The Eastern District of New York unsealed charges including securities and wire fraud, investment adviser fraud, bank fraud, money laundering, obstruction of justice and aggravated identity theft.
- Prosecutors say Gauvin and Gray Digital touted extraordinary results—such as a 4,384% cumulative return—supported by doctored bank and brokerage statements presented as audit verification.
- Authorities allege more than $42 million was raised, with deposits used to fund withdrawals while millions were diverted to luxury purchases and personal credit card bills, leaving estimated investor losses of about $20 million.
- After Gray Digital collapsed in 2024, investigators say Gauvin attempted to impede an SEC inquiry by submitting fraudulent documents.
- A separate scheme in May–June 2025 allegedly used falsified statements to obtain roughly $800,000 in credit via a New York fintech from two FDIC‑insured banks, including spending at a London private club; the charges remain allegations and he is presumed innocent.