Earlier today, federal prosecutors in Brooklyn unsealed a 21-count indictment against Nathan Gauvin, also known as “defigray” and “gray,” a Canadian citizen. Gauvin faces charges including conspiracy to commit securities fraud and wire fraud, securities fraud, wire fraud, investment advisor fraud, bank fraud, money laundering, obstruction of justice, and aggravated identity theft. Authorities allege that Gauvin defrauded hundreds of investors through Gray Digital Capital Management Inc. (Gray Digital), a web-based investment company he founded and led as CEO.
Prosecutors state that Gauvin raised over $42 million from investors for Gray Digital and later obtained more than $800,000 in credit from lenders by providing false information. He was arrested in England on a provisional arrest warrant issued by the Eastern District of New York.
United States Attorney Joseph Nocella, Jr., FBI Assistant Director in Charge Christopher G. Raia, and IRS-CI New York Special Agent in Charge Harry T. Chavis, Jr. announced the indictment.
“As alleged, the defendant’s investment company was a house of cards constructed with investor funds and held together with lies. When his house of cards collapsed, Gauvin doubled down by obstructing the regulator’s investigation and trying to defraud a lender. Gauvin’s run of lies ends today,” stated United States Attorney Nocella. “This Office remains deeply committed to protecting the investing public and the integrity of financial markets. We will continue to relentlessly pursue justice for victims of financial fraud.”
Nocella also thanked the Department of Justice’s Office of International Affairs and the U.S. Securities and Exchange Commission’s Fort Worth Regional Office for their assistance on the case.
“Nathan Gauvin allegedly lied about his background, qualifications and purported investment returns to raise at least $42 million from interested investors of his fund. Later, after being notified of a federal investigation into his activities,” stated FBI Assistant Director in Charge Raia. “Gauvin allegedly engaged in a separate scheme, using falsified records, to induce a company to lend him an addition $1.5 million. The FBI remains dedicated to dismantling any smoke and mirrors act targeting unsuspecting victims for financial enrichment.”
“Today’s indictment reflects IRS Criminal Investigation Special Agents continued resolve to investigate and prosecute those who engage in financial crimes,” stated IRS-CI New York Special Agent in Charge Chavis. “IRS-CI Special Agents are committed to working with our law enforcement partners to aggressively uncover and disrupt criminals who conspire to exploit our financial markets.”
According to court documents, between May 2022 and October 2024 Gauvin misled investors about his experience as well as Gray Digital’s assets and performance figures—including claims that its flagship fund had returned over 4,300% since inception—using doctored statements as evidence for these claims. Most investor deposits were used either for withdrawals requested by other investors or for personal expenses such as luxury goods.
After Gray Digital collapsed in 2024, authorities allege that Gauvin attempted to obstruct an SEC investigation by submitting fraudulent documents.
The indictment further alleges that between May 2025 and June 2025 Gauvin submitted false bank statements when seeking loans from a New York-based fintech firm linked with two FDIC-insured banks; proceeds were spent on personal expenses including payments at an exclusive London social club.
Prosecutors emphasize that these charges are allegations; Gauvin is presumed innocent unless proven guilty.
Anyone believing they may have been victimized can contact the FBI at http://fbi.gov/graydigitalfraud
The case is being prosecuted by Assistant United States Attorneys Nick M. Axelrod and Jessica K. Weigel from the Business and Securities Fraud Section with support from Paralegal Specialist Liam McNett.
