21-Year-Old Sentenced to 3 Years Prison for $480K Ponzi Scheme

DANBURY, CT — On November 25, 2015 a jury found Ian Bick, 21, of Danbury, guilty on six counts of wire fraud and one count of money laundering, according to Deirdre M. Daly, United States Attorney for the District of Connecticut. On Thursday, Daly announced that he was sentenced today by U.S. District Judge Jeffrey Alker Meyer in New Haven to 36 months of imprisonment, followed by three years of supervised release, for defrauding investors of approximately $480,000. Judge Meyer ordered Bick to serve the first year of his supervised release in home confine

According to the evidence at trial, Bick was a principal and/or managing member of various Danbury-based entities, including This Is Where It’s At Entertainment, LLC, Planet Youth Entertainment, W&B Wholesale, LLC, and W&B Investments, LLC and owner of Tuxedo Junction, Daly said. Using these entities, prosecutors said Bick solicited investment funds from his friends, former classmates, acquaintances, and their parents by promising high investment returns over relatively short periods of time. According to an investigation. Bick falsely represented to victim-investors that he could generate the high investment returns by using their funds to purchase electronics and electronic devices, such as iPhones, tablets and head phones, and by reselling the items for a substantial profit via the Internet. However, the electronic resale business never actually began in earnest and did not return any meaningful profit.

Bick also falsely represented to certain victim-investors that he could generate high investment returns by using their funds to organize and promote concerts at various venues in Connecticut and Rhode Island, Daly said. Bick falsely represented that he had made significant profits organizing and promoting concerts in the past and failed to invest the funds he received as he had represented and instead used invested funds for unrelated and unsuccessful businesses, and to pay personal expenses, including hotel stays and to purchase jet skis, prosecutors said.

Through this scheme, prosecutors found that Bick defrauded more than 15 investors out of a total of $480,635. Judge Meyer ordered BICK to make full restitution to his victims. He has been detained since October 4, 2016, when his bond was revoked.

Related:

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• Father of Danbury Teen Club Owner Accused of Running Ponzi Scheme Speaks Out
• UPDATE: Jury Issues Verdict Against Danbury Club Owner, 20
• Danbury Teen Charged by Feds with Running Ponzi Scheme
• Danbury Teen Entrepreneur Tries to Change Tainted Image of Teen Night Club
• Danbury Club Owned by Teen Accused of Running Ponzi Scheme

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