A former Denver financial advisor has been sentenced to three years and one month in prison followed by three years of supervised release and must pay more than $1.2 million in restitution and a $150,000 fine after pleading guilty to an investment fraud scheme.
Ian Gregory Bell, 36, schemed to defraud about 30 investors from early 2020 until at least 2022, the U.S. attorney's office for Colorado said this week in announcing Friday's sentencing. The office noted that he had pleaded guilty to one count of wire fraud and one count of money laundering.
Bell's fraud victims included professional athletes with ties to Colorado, the Securities and Exchange Commission said in a separate, pending civil complaint filed last year shortly after a federal grand jury indicted him.
Bell devised a scheme to defraud investors and obtain money and property through materially false and fraudulent representations and promises, advertising no-risk investments and luring victims based on his status as an advisor with experience as a managing director at an investment firm.
He spent investors' money on lavish vacations, jewelry, expensive meals and his fiancée’s monthly credit card statements, while providing false statements showing substantial gains, according to prosecutors.
“Defrauding people who put their trust into a financial advisor is a serious crime,” U.S. Attorney Peter McNeilly said. “Justice has been served for those who were negatively impacted by the defendant’s dishonest actions.”
“Bell portrayed himself as a successful investment advisor and preyed on innocent victims for personal gain,” said 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.”
“Bell defrauded innocent victims who had placed their trust in him and subsequently suffered financial losses and undue emotional stress,” added Bryan Musgrove, inspector in charge, U.S. Postal Inspection Service Denver division. “This sentencing showcases the phenomenal work that Postal Inspectors and their law enforcement partners do daily to bring those to justice who exploit others through fraudulent schemes.”
Bell was indicted in December and initially pleaded not guilty to 18 wire fraud, mail fraud and money laundering counts, court records show. In May, through a plea agreement, he pleaded guilty to one wire fraud and one money laundering count. His SEC record shows he was registered through the Black Swift Group for a year in 2017 and 2018 and for less than a year in 2019.
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