A Danbury man has been convicted of operating a Ponzi scheme that defrauded more than 15 investors out of nearly $500,000.
Ian Parker Bick, 20, was found guilty on six counts of wire fraud, each carrying a maximum term of imprisonment of 20 years, and one count of money laundering, which carries a maximum term of imprisonment of 10 years.
The jury found Bick guilty after a trial before U.S. District Judge Jeffrey Alker Meyer in New Haven. The trial began on November 6, 2015.
According to the evidence presented at trial, Bick used 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, to solicit investment funds from friends, former classmates, acquaintances, and their parents.
Bick promised his victims high investment returns over relatively short periods of time, but instead used the funds for unrelated and unsuccessful businesses, and to pay personal expenses, including hotel stays and the purchase of jet skis.
“Mr. Bick repeatedly lied to victim investors, took their money and used it to take trips with friends, on shopping sprees, to purchase jet skis, and also to pay off previous investors who were promised unrealistic returns,” said Deirdre M. Daly, U.S. Attorney for the District of Connecticut.
Bick was charged in a 15-count indictment on January 8, 2015. He is currently released on a $250,000 bond and is scheduled to be sentenced on March 2, 2016.
Related Federal Cases
- Corey Brinson, Stock Pump and Dump Scheme, Connecticut 2024 · Florida
- Shane Donovan Moore, Crypto Ponzi Scheme, Washington 2024 · Washington
- Bizarre Scheme Unfolds on Connecticut Avenue: A Tale of Pianos and Deception · Washington
- Anthony G. Sciarra, Investment Scheme, Connecticut 2017 · Florida
- Ryan S Rozycki, Tax Evasion Scheme, New Jersey 2023 · New Jersey
Key Facts
- State: Connecticut
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
