20-Year-Old Juice Bar Owner Accused of Running $500K Ponzi Scheme Due in Court

A Danbury man is expected to take the stand Thursday to face charges of money laundering and wire fraud, according to the News Times.

Bick was arrested in January 2015 for allegedly defrauding over 15 investors out of nearly $500,000. He is the owner of Tuxedo Junction on Ives Street in Danbury, an all-ages night club/juice bar.

Patch previously reported that Ian Bick, 20, of Danbury, was charged with 11 counts of wire fraud, which carry a maximum term of imprisonment of 20 years on each count, three counts of money laundering, which carry a maximum term of imprisonment of 10 years on each count, and one count of making a false statement to federal law enforcement, which carries a maximum term of imprisonment of five years.

Deirdre M. Daly, United States Attorney for the District of Connecticut, said in a press release that a federal grand jury returned a 15-count indictment charging Bick with fraud, money laundering and false statement offenses stemming from his alleged operation of Ponzi scheme.

According to the indictment, 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.”

According to reports, Bick allegedly solicited funds from his friends, former classmates, acquaintances, and their parents by promising high investment returns over short periods of time.

Bick defrauded over 15 investors out of nearly $500,000, prosecutors allege.

The Federal Bureau of Investigation, Internal Revenue Service – Criminal Investigation Division and U.S. Postal Inspection Service, are all investigation the charges, along with the assistance of the Danbury Police Department and the Connecticut Department of Banking.

Bick is free after posting $250,000 bond.

Related:

• Teen Nightclub Owner Ian Bick Faces Allegations by IRS, FBI of Running Ponzi Scheme
• Teen Charged by Feds with Running Ponzi Scheme Says Tuxedo Junction Will Go On

Photo: Tuxedo Junction club owner Ian Bick hangs from a pole at a sold out EDM show at his club. Dan Nelson Photography via Ian Bick’s Facebook