Denver man sentenced to 37 Months, $1.2 mill restitution for defrauding investment clients
DENVER, Colo. (KRDO) -- A 36-year-old from Denver was sentenced to 37 months in prison, followed by three years of supervised release after pleading guilty to one count of wire fraud and one count of money laundering.
The United States Attorney’s Office for the District of Colorado (USACO) also imposed a restitution of $1,231,230.14 and a $150,000.00 fine.
According to a plea agreement, Ian Gregory Bell defrauded investors by obtaining money and property, which he was able to do by bringing in investors with his status as a licensed investment adviser who had previous experience as a managing director of an investment firm, and also by advertising no-risk investments and by providing false statements showing gains to his investors.
USACO reports that Bell defrauded approximately 30 investors of over $1.2 million between early 2020 and 2022, using the money for lavish vacations, jewelry, expensive meals and to pay his fiancées' monthly credit card statements.
“Bell portrayed himself as a successful investment advisor and preyed on innocent victims for personal gain,” Amanda Prestegard, Special Agent in Charge, IRS-CI Denver Field Office. “Our special agents are experts in unraveling complex financial crimes such as Ponzi schemes that devastate victims emotionally and financially and erode the public’s trust in our financial system.”
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