Donavan Davis and several associates launched Capital Blu Management to trade in the foreign currency marketplace (often called Forex). Over the course of several days, Capital Blu engaged in a disastrous series of trades, losing almost $3 million. Davis feared that if those losses were reported to investors, the investors would abandon the company, and his reputation in the financial community would suffer. So, Capital Blu sent out a monthly report via mail and e-mail falsely reporting a 1.6 percent gain that month. This monthly pattern of transmitting fraudulent records continued until regulators shut Capital Blu down a year later. Davis was responsible for approximately $10 million in investor losses. Was he guilty of mail and wire fraud?