SEC-PR-2412-192 (Dec. 9, 2024) (SEC-PR-2412)
SEC Charges Ian Bell with Defrauding Professional Athletes and Others in Fraudulent Day-Trading Scheme
Excerpt: Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today charged Denver resident Ian G. Bell with securities fraud for lying to investors and misappropriating their funds in connection with a fraudulent day-trading scheme.
The SEC’s complaint alleges that, between July 2020 and March 2023, Bell raised more than $1.3 million from at least 29 investors, including professional athletes in Colorado, who are unidentified in the complaint. The SEC alleges that Bell lied to investors about his trading performance, including by sending many of them fabricated account performance screenshots. According to the complaint, several of Bell’s investors then referred their family and friends to Bell because of the false statements. The SEC further alleges that Bell lost nearly all of the investors’ money, kept hundreds of thousands of dollars for his personal use, and, to conceal his fraud, lied about his efforts to repay investors.
“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.”
Source: (https://www.sec.gov/newsroom/press-releases/2024-192)
Categories: (Day Trading Schemes)
SEC-PR-2412-192 (Dec. 9, 2024)