20-Year-Old Club Owner on Trial for Allegedly Swindling $500,000 From Investors
His name is Ian Bick and he's been charged with fraud and money laundering to the tune of $500,000, and is accused of running a Ponzi scheme.His trial begins on Friday, and according to the News-Times, a trial memo to the judge from U.S. Attorney Deidre Daly reads, "Bick represented in sum and substance to investors whatever he needed to say in order to get funds so he could live lavishly in the moment, with the hope that one of his lottery bets might off."
Bick has been free on $250,000 bail since January, and pleaded not guilty to the 15 count indictment accusing him of running a Ponzi scheme. Bick, who is 20, is the owner of the Tuxedo Junction nightclub in downtown Danbury.
Federal prosecutors are accusing Bick of setting up a number of businesses and then soliciting funds while promising a quick return on the money.
The government's trial memo reads, "The vast majority of the victim's funds that were taken in were not used for the stated purposes like a pair of jet skis and a trailer that came to around $22,000."
Bick's defense attorney's are claiming, "Bick had no criminal intent. Everything he did was a business proposition and he was in the process of paying people back."
If he's found guilty, he could spend up to 20 years in prison.