DANBURY, Conn. -- Ian Bick, 21, the owner of Tuxedo Junction who was convicted of a wire fraud and money laundering , will not be allowed to have a new trial after a federal judge denied one, according to the News-Times.
Based on that decision Bick's sentencing will be in September, said the News-Times.
The Danbury resident was found guilty in November by a federal jury of running a Ponzi scheme and defrauding investors out of nearly $500,000.
The jury in New Haven federal court found Bick guilty of fraud and money laundering offenses stemming from his operation of Ponzi scheme, said U.S. Attorney for Connecticut Deirdre M. Daly.
"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," Daily said.
Bick, a 2013 graduate of Danbury High School, owns the Tuxedo Junction club in Danbury. His trial before U.S. District Judge Jeffrey Alker Meyer began on Nov. 6.
Bick could be sentenced to 20 years in prison for each count of fraud and 10 years maximum for the charge of laundering money, said the News-Times.