55°
Ian Bick, who also operates the Tuxedo Junction nightclub, faces up to eight years in prison when sentenced later this month. But he has continued to defraud investors, the News-Times said, using money for personal use and travel.
Bick also allowed the sprinkler system at Tuxedo Junction to be disabled for the past few months, the News-Times said.
A sentencing memo said Bick may need a significant prison sentence to deter him from further criminal activity, pointing out that he lied on the stand and has yet to take responsibility for his crimes, the News-Times said.
Bick, a 21-year-old 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," Daly said.
Click here to read the story at the News-Times website.
Click here to follow Daily Voice Danbury and receive free news updates.
