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Danbury High Grad Convicted For Running Ponzi Scheme Seeks Probation

Ian Bick, of Danbury, was found guilty of running a Ponzi scheme.
Ian Bick, of Danbury, was found guilty of running a Ponzi scheme. Photo Credit: Screen grab from NBCConnecticut.com

DANBURY, Conn. — A 21-year-old Danbury High graduate is asking a federal judge for no prison time when he is sentenced later this month after being found guilty of bilking investors of nearly a half-million dollars in a Ponzi scheme, according to the News-Times.

Ian Bick, who owned the Tuxedo Junction nightclub in Danbury, was found guilty on six counts of wire fraud and one count of money-laundering last November. But Bick says he is also a victim of overzealous prosecutors and greedy investors .

Prosecutors said he persuaded friends and friends' parents to invest in his business plan to run a nightclub and promote concerts.

“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,” U.S. Attorney Deirdre Daly said at the time of his conviction.

The conviction carried a maximum of 20 years in prison on each fraud count and 10 years on the money-laundering charge. But the News-Times said federal prosecutors are seeking an eight-year prison term at sentencing Sept. 30, while Bick wants probation.

In a memorandum filed with the court last week, Bick maintained his innocence, the News-Times said, but prosecutors said Bick has spent $15,000 in investors’ money on himself while going gambling even after he was found guilty.

Click here to read the story at the News-Times website.

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