DANBURY, Conn. (WTNH) — A Danbury man was sentenced in New Haven today by a U.S. District judge to federal prison for defrauding investors of nearly half-a-million dollars.
Deirdre M. Daly, United States Attorney for the District of Connecticut, announced Ian Parker Bick, a 21-year-old was sentenced to three years of federal prison by Judge Jeffrey Alker Meyer, followed by three years of supervised release, for defrauding investors of approximately $480,000. Judge Meyer ordered Bick to serve the first one year of his supervised release in home confinement.
On Nov. 25, 2015 a jury found Bick guilty on six counts of wire fraud and one count of money laundering.
According to the evidence at trial, Bick was a principal and/or managing member of various Danbury-based entities, including This Is Where It’s At Entertainment, LLC, Planet Youth Entertainment, W&B Wholesale, LLC, and W&B Investments, LLC. Using these entities, Bick solicited investment funds from his friends, former classmates, acquaintances, and their parents by promising high investment returns over relatively short periods of time. Bick falsely represented to victim-investors that he could generate the high investment returns by using their funds to purchase electronics and electronic devices, such as iPhones, tablets and head phones, and by reselling the items for a substantial profit via the Internet. However, the electronic resale business never actually began in earnest and did not return any meaningful profit. Bick also falsely represented to certain victim-investors that he could generate high investment returns by using their funds to organize and promote concerts at various venues in Connecticut and Rhode Island. Bick falsely represented that he had made significant profits organizing and promoting concerts in the past.
Bick failed to invest the funds he received as he had represented and instead used invested funds for unrelated and unsuccessful businesses, and to pay personal expenses, including hotel stays and to purchase jet skis. He also used invested funds to issue payments, purportedly as “interest payments” and as “return of principal,” to certain victim-investors.
Through this scheme, Bick defrauded more than 15 investors out of a total of $480,635. Judge Meyer ordered Bick to make full restitution to his victims. He has been detained since Oct. 4, 2016, when his bond was revoked.