Danbury,Conn(WTNH) – A Danbury teenager has been indicted by a federal grand jury, accused of running a ponzi scheme and bilking more than fifteen investors out of almost half a million dollars.
19 year old Ian Parker Bick faces charges that include fraud, money laundering and giving false statements. He was arrested at his home in Danbury on Friday morning. According to the indictment, Bick operated several Danbury-based entities and solicited money from friends, former classmates and others, promising high returns on their investments.
Prosecutors say the teenager told investors that he could buy electronics, like smart phones, with their money and then resell the items on the internet for a profit. They also say Bick told investors he would use their money to organize and promote profitable concerts in both Connecticut and Rhode Island. The indictment alleges that instead of investing the money, Bick used it for his own personal expenses on things like hotel stays and buying jet skis.
Bick entered a plea of not guilty and was released on 250 thousand dollars bond. As a condition of his release, he has been ordered not to have any contact with any of the alledged victims, witnesses and stay off of social media.