A Denver man has been hit with a 37-month prison sentence and over a million dollars in restitution after pleading guilty to wire fraud and money laundering, in a scheme where he duped investment clients. Ian Gregory Bell, a 36-year-old former licensed investment advisor, was also ordered to pay a hefty fine, according to the U.S. Department of Justice.
The deceit unfolded over two years, beginning in early 2020, and saw Bell fabricating a financial fantasy that swindled approximately 30 investors out of more than $1.2 million. His high-rolling lifestyle, fueled by the stolen funds, included lavish vacations and jewelry, and even extended to covering his fiancée’s monthly credit card bills. All the while, comforting his clients with non-existent low-risk investments and whispers of sure gains, he carried the facade of a seasoned managing director from a previous tenure at an investment firm.
"Defrauding people who put their trust into a financial advisor is a serious crime," United States Attorney Peter McNeilly said, as per the U.S. Department of Justice. Remarking on the case, IRS-CI Denver Field Office Special Agent in Charge Amanda Prestegard highlighted Bell's guise as a successful investment advisor, "preyed on innocent victims for personal gain."
Inspector in Charge Bryan Musgrove of the Denver Division of the U.S. Postal Inspection Service also chimed in on the emotional toll and financial devastation faced by the victims, while appreciating the collective efforts in bringing justice. Bell, who was exploited through fraudulent schemes, was entrapped by his trusted position. The case, overseen by Chief United States District Judge Philip A. Brimmer, was a collaborative probe by the U.S. Postal Inspection Service and the Internal Revenue Service – Criminal Investigation, with Assistant United States Attorney Brad Giles at the helm of prosecution.
