A Denver-area man is being charged with multiple counts of defrauding nearly 30 clients, including some professional athletes in Colorado.
Ian Gregory Bell, 35, was indicted on 18 charges from the U.S. Attorney’s Office and faces more charges from the Securities and Exchange Commission. Both organizations announced the charges Monday.
Bell is accused of lying to investors about his trade performances and sending fabricated screenshots of the investors’ account performances, according to the SEC. The complaint notes that Bell raised $1.3 million from 29 investors in Colorado. He allegedly told clients that he would deliver significant returns at low risk. The professional athletes are not named in the SEC complaint.
The indictment states that that several of Bell’s investors referred family members and friends to him and that Bell lost or spent nearly all of his investors’ money within days or weeks in nearly all of the cases.
Bell allegedly used the proceeds of this scheme to pay his girlfriend's credit card bill and transfer money to his mother, according to the indictment.
“When things sound too good to be true, they often are, which is why it is crucial that investors research any firm or individual who is seeking to manage their hard-earned money, even if they come recommended by friends of family,” said Jason Burt, regional director of the SEC’s Denver office. “As for those individuals who are looking to follow in this defendant’s footsteps, know that your odds of getting away with it are exceedingly low.”
Bell was indicted by a federal grand jury on eight counts of wire fraud, five counts of mail fraud and five counts of money laundering, according to the U.S. Attorney’s Office in Denver.
Bell's attorney, Harvey Steinberg, declined to comment on Tuesday.
The U.S. Attorney's also declined an interview request, citing Department of Justice Policy to not comment on open cases. 0
