DANBURY, Conn. -- Jury deliberations were continuing Tuesday, Nov. 24 in the Ponzi scheme case against 20-year-old Danbury High School graduate Ian Bick, according to the newstimescom.
Jurors received the case Monday, Nov. 23, after federal prosecutors and Bick’s attorney wrapped up the 11-day trial, said the newstimes.com.
Federal prosecutors charged Bick in January with swindling $500,000 from 15 investors, including former classmates and their parents.
The owner of Tuxedo Junction club in the city, Bick pleaded not guilty to charges of fraud, money laundering, false statement offenses and allegations of running a Ponzi scheme.
Bick has remained free on $250,000 bond.
Deirdre Daly, U.S. attorney for Connecticut, said Bick solicited investment funds from his friends, former classmates, acquaintances, and their parents by promising high investment returns over short periods of time.
The indictment charges Bick with 11 counts of wire fraud, which carry a maximum term of 20 years in prison on each count; three counts of money laundering, which carry a maximum term of 10 years in prison on each count; and one count of making a false statement to federal law enforcement, which carries a maximum prison term of five years.
According to Day, the 20-year-old also falsely represented to victims that he could generate the high investment returns by using their funds to purchase electronics and electronic devices, such as iPhones and head phones, and resell the electronics via the Internet, she said.
Bick also is accused of falsely representing to some victims that he could generate high investment returns by using their funds to organize and promote various concerts. He falsely represented that he had made significant profits organizing and promoting concerts, officials said.
As part of the scheme, Bick entered into various investment contracts with his victims but diverted those funds for personal expenses, including for hotel stays and to purchase jet skis. He also used invested funds to issue payments, purportedly as “interest payments” and as “return of principal,” to certain victim-investors.
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