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Ian Bick, a 2013 graduate of Danbury High School, was taken away in handcuffs after his appearance in federal court, the News-Times said.
He had been free on bond while awaiting sentencing for money laundering and mail fraud, but the judge said Bick was continuing to take money from an investor for his personal use, including for trips to gamble at a New York casino, the story said.
Bick was found guilty last November by a federal jury.
“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 for Connecticut Deirdre M. Daly said at the time of his conviction.
Bick, who owns the Tuxedo Junction nightclub in Danbury, falsely represented to victim-investors that he could generate large returns by using their funds to purchase electronic devices, such as iPhones, tablets and head phones, and resell them for a substantial profit via the Internet, Daly said. However, the electronic resale business never began in earnest and did not return any meaningful profit.
He also falsely represented that he could generate high investment returns by using their funds to organize and promote concerts at venues in Connecticut and Rhode Island.
He failed to invest the funds he received as he had represented and instead used the money for unrelated and unsuccessful businesses, and to pay personal expenses, including hotel stays and to purchase jet skis.
Bick also used invested funds to issue payments, purportedly as “interest payments” and as “return of principal,” to certain victim-investors.
Through this scheme, he defrauded more than 15 investors out of nearly $500,000.
Click here to read the story at the News-Times website.
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