A 21-year-old former nightclub owner was sentenced to three years in prison for running a Ponzi scheme that defrauded investors of $480,000.
Ian Bick was convicted in November 2015 of six counts of wire fraud and one count of money laundering. Bick, who was owner of Tuxedo Junction in Danbury, used his managerial role in several local entertainment entities to convince more than 15 of his friends and acquaintances to invest their funds in concert promotion and electronics resale endeavors, with the promise they would receive high returns in a short time period. Instead, Bick used the funds for personal expenses, including lavish vacations.
Bick, who had been in custody since Oct. 4 after his bond was revoked, was sentenced by U.S. District Judge Jeffrey Alker Meyer in New Haven to the three years in prison, followed by three years of supervised release. He was also ordered to repay the investors he defrauded.