DANBURY, Conn. — Barely out of his teens, Danbury’s Ian Bick would be notable for his business smarts — at 20 he is the owner of the downtown club Tuxedo Junction.
But it was an alleged Ponzi scheme that brought Bick to the attention of VICE magazine.
VICE, a Canadian print and online publication, is aimed at millennials. It started out focusing on the arts and pop culture, but it has more recently turned to more serious subjects such as Bick’s case.
In January, federal prosecutors charged Bick with swindling $500,000 from investors.
He faces 11 counts of federal wire fraud, each of which carries a potential 20-year sentence, as well as charges of money laundering and making a false statement to federal law enforcement.
Bick’s federal trial began earlier this month. He is free on $250,000 bond and continues to run his nightclub business.
He is accused of soliciting investment funds from friends, former classmates, acquaintances, and their parents by promising high returns over short periods of time, the federal indictment said.
He claimed he could produce high returns by using their funds to purchase electronics and electronic devices, such as iPhones and head phones, and resell the electronics via the Internet, the federal indictment said.
As part of the scheme, Bick diverted funds for personal expenses, including for hotel stays and to purchase jet skis, the federal indictment said.
For the full VICE story, click here.
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