I Ran a Nightclub Ponzi Scheme at 19 | Fakes, Frauds & Scammers

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At just 19, Ian Bick became the owner of a nightclub and ran raves featuring some of the world's biggest acts. But by 21, he was facing prison for defrauding his investors out of nearly half a million dollars.
It turns out, instead of investing the money of friends and family, he was using it to pay off bad debts for previous failed ventures, and funding his own high-end lifestyle of holidays, limos, and designer clothes. That is, until the FBI turned up at his home in the dead of night, and everything began to unravel.
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22 ноя 2021

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Комментарии : 1,9 тыс.

@MalucoDivino 2 года назад

Taking money from investors to pay other investors was once previously called ponzi. Now it’s called startup!

@TMM-N 2 года назад

Exactly.. Losing money nowadays is called BELIEVING IN DREAM

@Qwerasdf-vg9po 2 года назад

Amazon lost money for a while when they started. It’s about the business model

@precooked-bacon 2 года назад

@@Qwerasdf-vg9po The point is they were able to keep going because Bezos was well off to begin with, he could absorb those losses until they found the right business model. A lot of people don't have that luxury.

@RCichard 2 года назад

The thing is, he didnt directly repay old debts with new investments... he clearly said he was generating a profit off the newer events (as-in he made back the original investment and some additional profit on top) but rather then reinvest that 10-20k profit he claimed to have made he instead used that money to pay off his old bad debt. This is not a ponzi scheme in its traditional sense, it covering your losses and totally legal. HOWEVER, the embezzlement and misappropriation of funds was text-book fuckery when he decided to take investments and 'borrow his profits' from it to buy clothes, jet skis, and personal parties/drugs/booze, and man-toys.

@frederic6998 2 года назад

look at the richest man on the planet, his companies barely made any profits.

@frostman9661 2 года назад

This really doesn't sound like a Ponzi scheme... It just sounds like a dumb business owner and dumb investors that didn't do their due diligence...

@soconnoriv 2 года назад

Agreed, the prosecuters and various media outlets used it to frame him easier.

@drinkbuje2807 2 года назад

highly agreed! its not illegal if your investment loses money

@whydoncha 2 года назад

He admits he lied in the first sentence of the video? The definition of fraud.

@frostman9661 2 года назад

@@whydoncha I obviously don't know all the details of the story, but a lie in this context can be very different from a fraud and ponzi scheme.

@bernardethg 2 года назад

I agreed, it's seems like he made a lot of mistakes which is common when having a business.

@sandeepgurung9950 Год назад

He has the guts . Only if there was any proper guidance, he would have been so successful at a very young age. Poor lad

@dylanbright6184 Год назад

Youve gotta lose your ego for guidance to make a difference.

@elliot7876 10 месяцев назад

he could have grown his business organically without investors, when they come in with demands and you cant meet them what can he do

@thomashunt6000 9 месяцев назад

He's doing really well for himself now, it seems like. This kids gonna make it for sure. He just didn't know what he was doing before.

@jacobmb 7 месяцев назад

highly recommend his podcast and the one he did with Michael Rappaport!

@Physics072 4 месяца назад

Once a con always a con. He will wind up in jail again just like a drunk.

@Tina-mt9cl Год назад

Had he gotten someone knowledgeable to organize the paperwork & investments none of this would have been illegal.

@feichangyishu Год назад

Right…! But it could be hard to execute because of money, knowledge, and other constraints. I live in a country most of artists are practicing art “illegally” because they are required to have the same kind of paperwork/payment as lawyers or doctors/dentists. They could totally become legal businesses in theory, but it would be a lot of headaches and taxes. It would take every unviable. They not willing, yes, but in some ways, they are not in the position to put themselves in a legal framework. Had the asylum seekers had the paperwork they wouldn’t be illegal immigrants. They would just be people coming home. Sometimes that thin piece of paper changes everything.

@Mansikkacake Год назад

Fascinating to see these stories and I can totally imagine why these have happen especially in the US. this kid and also frye festival guy etc. People need to educate themselves for seeing through these insecure attention whore people with ponzi schemes. This kid definitely need to go to legit business college degrees.

@nerdstrangler4804 Год назад

I mean, it is illegal to lie to investors. And if he didn't lie to investors, nobody would have been willing to give him money in the first place. He didn't goto prison for not filling out paperwork. He went to prison for defrauding investors.

@working2bselfsufficient724 Год назад

But then wouldnt have been as profitable once more hands enter the pot.

@d8l835 Год назад

Lieing to investors has 0 to do with paperwork...

@HN-kk7vy 2 года назад

His smirk gives it away, he still thinks he’s the smartest guy in the room. Loves the attention.

@tammermashni8541 2 года назад

I hate people that think they are smarter than others ..I'm very intelligent but I dumb it down based upon the person im with and I don't think I'm better or smarter and need to dumb it down but since they don't smart it up I dumb it down so we get along

@j.e.3276 2 года назад

@@tammermashni8541 I'm also very intelligent, thats why I tell people in RU-vid comments that I'm intelligent

@-elijah867___7 2 года назад

@Grichka Bogdanoff Ur cringe

@thenight9460 2 года назад

@@tammermashni8541 «dumb it down» - is that what the smart people say nowadays?🤔🧐

@mattk8810 2 года назад

He doesn’t realize his friends stole lots more of the money than he thinks. This isnt a ponzi either. Its just poor cash flow management.

@castelodomar846 2 года назад

People "invested" in what could best be described as a child and didn't do their due diligence, didn't ask to see the books, or any evidence of solvency. Fools quickly part with their money.

@rubiskelter 2 года назад

You're a child at 18? I thought children liked toys and playmobil. Not Tattoos and jet skis... Maybe they should give 18 year old child criminals medals. Don't blame the investors, this is not a "Child" and investors are the real victims. Maybe you'd call him a prodigy if he was successful . Wish i put some money on the "child" that created "LuminarTech" self driving system at 17.

@xx-wp3mq 2 года назад

@@rubiskelter The OP uses the term child as hyperbole; can you really not see that? And yes, in some sense, he is a child; it's quite funny you bring up one example of a success story without factoring that there's probably around 99.999% failing. Let's say in a rare case we have a supposed 'prodigy', if you didn't contact any financial body - then you are indeed a fool. It's like buying a house and not going to see it till the purchase has been made. The investors are victims, but that doesn't mean they aren't moronic.

@rubiskelter 2 года назад

What's ironic is that you didn't understand what i said, and you're saying that to me lol. Where's the statistics on the success rate of 0.0001% of businesses started by 18 year olds? Hyperbole again? lol. I'll explain because it seems i need to: On one side, you have these young adults with ill intentions, and on the other, you have the very accomplished ones. In-between, many others. You really don't understand the human mind or basic psychology, or perhaps you're narcissistic. Falling victim to a con-artist is by no means an indication of stupidity or gives you the right to label the victims as moronic, and believe it or not, you could fall victim to one. What distinguishes these two individuals, is their intention (besides the intelligence and technical feats) because it seems to me both could be very accomplished (although on different scales) resorting only to lawful business practices. You think just because you're an adult you can't be vulnerable? There's why there are laws on transparency while selling financial services. It wasn't always like this. I bet you're in favor of the argument that women dressing skirts were a little bit to blame when raped lol. No victim should be judged like that, that's why they're victims. You can maybe point your finger to institutions for not providing financial literacy, like schools for example. What about that banker that sold financial products to illiterate people? LOL What morons those that didn't know how to read, such stupid people. Yeah the banker was a little bit guilty.

@castelodomar846 2 года назад

@@xx-wp3mq You are correct. The word child was indeed used as hyperbole in this context. Thanks for clarifying to the other commenter. You have far more patience than I do 😂🙏

@mycatiswaysmarterthanmosto8500 2 года назад

He was a child. He had no experience, and no idea what he was doing, and hadn't even hit 2 decades on this earth. He's a child. Doesn't mean he's not a dick who deserves to be punished...But he was a child.

@TacoStacks 2 года назад

So this all breaks down to Wiz's fault?

@Andres-bv8lr 2 года назад

🤣🤣

@jpark28 2 года назад

It sounds like he could've kept doing the "teen parties" every weekend without trying to bring on musical guests and continued to collect $10K-$20K every time

@von... 2 года назад

this would have never happened if they just got him some Kush & OJ in the green room smh

@joheewrx5278 2 года назад

For 100k you can book some artists. Idk if itd be wiz at that date, but he couldve def got someone.. maybe nowadays it just seems easier since every artists manager has a business email for booking shows/features. But dude gave up essentially after the first bit of resistance 😂

@MYPADDEDROOM5150 2 года назад

🤣🤣🤣🤣 correct

@justr3d384 Год назад

"There were nights where we made 10,000 or 20,000 dollars in profit, but then we had to pay for the artists and the rent of the place". Those, my friend, are not profit, are revenues... It doesn't take much to understand that you have to fill the bucket of costs before you can get something out of it.

@annemcmillen5447 Год назад

What do you mean by fill the bucket of costs?

@insanomonkey Год назад

@@annemcmillen5447 Revenues - Costs = Profits

@DuBstep115 Год назад

@@insanomonkey Guy was making 20k per night then spend 20k for next week's artist and rent = he made $0 profit. And according to him 20-30k "profit" was his BEST NIGHT, so he never made a single dollar profit?

@insanomonkey Год назад

@@DuBstep115 I never disagreed ... ? Lol. I was replying to Anne's reply about costs because she may not have understood the difference between revenues and profits and how costs play a role

@DuBstep115 Год назад

@@insanomonkey I was just adding to what you said. That if his own calculations are accurate he never made a single dollar profit and burned 500k in 2 years.

@seanciftci6845 2 года назад

I like how he narrated the whole thing smiling

@moballardful 2 года назад

You want him to still be in tears years after the events transpired???

@chronic_payne5669 2 года назад

He’s still smug as hell

@comptche3972 2 года назад

This guy is a prime example of entitlement and lack of accountability.

@lilbig948 2 года назад

Cause he got more stashed somewhere😂

@brunocardona6283 2 года назад

He only served 8 months. wouldn’t you?

@swannyson8609 2 года назад

He looks like that one kid at school who'd lie about any and everything like "my dad drives a lamborghini and ferrari and is the ceo of Microsoft and apple" except he never grew up

@willgg9096 Год назад

Honestly anyone willing to invest in a literal teenager who is running a sketchy club business deserves to lose all the money they invested 😂😭

@maiamartini9095 Год назад

😅🤣

@monsterhunter445 Год назад

Yeah but to be fair they were his friends and family so most people automatically trust their family members.

@XIIMMIV Год назад

fr 😹 no victim blaming but do ur research when it comes to making investments

@quantumozarksgo1060 Год назад

I agree, that was definitely a HIGH RISK INVESTMENT

@Physics072 4 месяца назад

And you speak exactly like a con. Keep making excuses for lack of morals.

@foxroxy86 Год назад

I’m shocked that anyone gave him money. He should probably write a tell-all and sell the movie rights. Seems like an A24 film.

@x3BobO Год назад

Right? Where were his parents or the people "investing" in a 17year old's investment idea. lol.

@poindextertunes Год назад

A24? naw

@JMacSD Год назад

You're shocked that fraudulent Ponzi schemes work? That's shocking. Early investors collected some profit or just got refunded. This brought more investors, who partied in elite fashion, parties that were obvious successes, to new investors who were reassured that huge profits were coming in to be shared soon...

@allegorx58 Год назад

i think it’s hard for regular people to truly grasp how much money a lot of people have, and that 100k is nothing.

@Camila-tf6rc 2 года назад

I can’t believe no one talks about how terrible these artists are, they don’t show up and they trash the hotel that will cost thousands of dollars to repair. I know the teen is irresponsible and made a terrible mistake, but the artist is… some of them should definitely act more mature, professional, and responsible😫

@ChrisAK360 2 года назад

So true and its very common for artists to do that

@fmfad 2 года назад

rockstar life

@UncleHashy 2 года назад

I'm not a rockstar but I've certainly left an upper decker or 2 for someone to clean up

@castelodomar846 2 года назад

I agree with you. They should be more professional. Thing is, I know some people that play big clubs (EDM scene) and they're still losers with no sense of self responsibility or consideration for others. Fame (or notoriety) can magnify and worsen personality traits that were already there to begin with.

@vyepez500 2 года назад

They are ARTISTS what do you expect ?

@jenjuice432 2 года назад

Running an event company like this definitely isn't as profitable as you would think. Often times, the event planners are lucky to break even let alone bank a profit. Most of the time you'll find that it's done simply for the love of the party - creating good vibes and memorable times.

@BabyJesus66 2 года назад

I'll believe any party advice from someone named Jen & Juice. 👍🏾

@QuixEnd 2 года назад

All inclusive events is pretty good. Get 4 big investors, hire j1 foreign workers and bang. Jk it's still hard and stressful as hell. I wanted to do events so bad, but the hussle is super sketchy

@barodrinksbeer7484 2 года назад

I strongly disagree with you. Guys like Ian, and events like these, use the base layer of chaos to market things like drugs/humans/weapons, all in one place. Ian is definetly more on the legal side of event planning, which is why he was losing money. However, a majority of big scale events like for example burning man (1992, 1996-2003, and a bunch of other years, probably even the years I didn't include), where literal drug, weapons, and human trafficking were taking place. However, I think on a general scale people are not making money. I think the people that do it for fun are truly not making money.

@jenjuice432 2 года назад

@@barodrinksbeer7484 What in the hell are you talking about?? I've never heard of an event planner / organizer being implicit in the sale of drugs (and definitely not human trafficking). The closest thing I've ever heard of in regards to that was the land owners and organizers of a local festival by the name of "Schwagstock" that took place several times a year, being prosecuted for facilitating the sale of controlled substances. They didn't play a direct part in the sale of the substances, but they also didn't take the appropriate measures to prevent it, and thus were held accountable to some degree. Maybe things like that take place in seedy clubs located in bigger cities like New York, LA, or Miami...but from my understanding, it's not a commonplace occurrence. I think you watch too many movies.

@barodrinksbeer7484 2 года назад

@@jenjuice432 I wrote a report on this. Specifically the Bystand behavior that happened at Burning Man between 1996-2003, and why the event became more mainstream and regulated today. Burning man for example was originally run through California and Nevada in the desert until in 1990, when Kevin Evans decided to host it on the Playa which he "partially owned", he says he did not attend any of the Burning mans after 1995, but there are pictures of him firing firearms at burning man in 1996 (lookup "Burning man 1996 guns", he is 2nd person from the first) where he is firing along with some other people weapons, this is basically the start of weapons dealings (he did get a charge for possession of illegal firearms in 1998), and missing persons disappearances from 1996-2003. 2003 also being important because, the government started requiring regulations, and burning man started to become more of a lawful event. However, there is still a lot of organizers who run events that are not being regulated, and generally these events capitalize on deals in illegal activity.

@HaydenHatTrick Год назад

I've done enough in the startup scene to know this exact same behaviour runs among adults. The major mistake is both counting your chickens before they hatch and having no contingency should things go poorly. Additionally, if you do not have the support of someone who is already business savvy, take smaller steps. The worst part that is untold in this story is the obvious lack of concern for safety and security for the patrons of those events. Events that are well organised and safe still run into so many SERIOUS situations, I hate to imagine what went on undetected.

@Ishbikes Год назад

Agreed. When Don King booked The Thriller In Manila, he didn’t have the money for the venue or the fighters purses. That’s one of the reasons he went to Africa to get it done, and he secured the money AFTER the fight was over with the profits that were made. Ppl think this stuff is easy. Ask Dana White how many times they’ve been on the verge of collapse.

@dynomantar9733 2 года назад

Nothing pissed me off more than when he justified blowing investor's $ on clothes by whining he'd "never worn a Gucci outfit." Idk how he lived 18 years without dripping gucci head to toe, he's lucky to be alive.

@SMD-si7fm 2 года назад

And there's some mf around my area getting clapped for the nikes on their feet lmao.

@daviedood2503 Год назад

That's the victim mentality. He's playing the "i was just a dumb kid back then ya know...we're not all perfect only God can judge me" Kinda crap. He just wants folks to feel sorry for him, give him a second chance, he's a troubled kid, blah blah, gimme a break guys, hand out and everything. Entitled mentality. He defrauded investors who tried to believe in a young guy trying to make it. This is why folks don't trust anyone to invest in anymore. F this guy. Glad he ruined his life with a felony. Put him in the damn DIRT forever

@theghettoracle 2 года назад

Well, I guess one good thing out all of this is he didn't pick up a cocaine habit. Way to go Ian.

@cjc-eg2cl 2 года назад

But how do we know he didn’t pick up a cocaine habit?

@crzyautochic4807 2 года назад

How do u know he didnt?

@thepdw 2 года назад

It's not too late!

@crzyautochic4807 2 года назад

@@thepdw 🤣🤣🤣

@kasualbeauty309 2 года назад

At least they didn’t tell us he did haha

@ChristianF15cher 2 года назад

I’ve met teenagers who had successful businesses. The ones who survive are ones who put in the work, don’t get egos, and don’t spend their money to impress people that don’t matter. This kid had self-image issues and that’s the sword that he landed on. I hope he makes better business decisions in the future, gonna be hard with a felony record though.

@disnut5557 2 года назад

He's ceo of a new company. Stay mad , poor people are funny

@Jesusismysavior92 2 года назад

@@disnut5557 please tell me that your not poor calling somebody else poor

@disnut5557 2 года назад

@@Jesusismysavior92 yes im calling this salty person poor because they are poor. Problem?

@disnut5557 2 года назад

@Scotty secretly loves Chryslers Quite financially successful but thank you for the concerns peasant

@Jesusismysavior92 2 года назад

@@disnut5557 you must be poor? You can’t call somebody else poor if your poor

@ianbickCT 2 месяца назад

Thanks for having me on!

@word42069 Год назад

Sad thing with people like this is that with better decisions and influences… they probably could have been successful and more importantly, legitimate.

@vexling111 Год назад

He may build something successful someday. He has an itch for it.

@claudiuvma Год назад

Man....he even said that from first show was a bust. 80k debt.... wtf succesfull guy would do something like that?

@MIKEYC 2 года назад

I was an opening DJ booked here once and met Ian. Crazy we had no idea any of this was happening at the time!

@cntrlrb20 2 года назад

The world of event organizers is way different than the world performers and event attendees are aware of.

@richyred123 Год назад

Why you lying

@jessecfc2358 Год назад

@@richyred123 he's not i was there as well

@cherrygarcia5514 2 года назад

Taji should’ve done the interview

@Teddy_Morrison 2 года назад

Why does this town have so many scandals? Back in the early 2000's they had a hokey team owned by a mob boss and managed by a 17 year old kid.

@dylangreen8018 2 года назад

Amazing doc on Netflix!

@TheStubertos 2 года назад

I have a lot of respect for his friend who stood by him through all this. I guess he didn't lose any money himself but I would certainly lose trust in someone who lied to parents and friends.

@tomondiek2839 Год назад

they both must be planning a new ponzi scheme

@jimparsons9454 2 года назад

This kid was lucky the shady investors didn't end him. When it comes to money these people don't give a shite.

@JP-wx6uh 2 года назад

It will come back to haunt him later. Organized crime groups and powerful investors won't write off millions of dollars in debt owed to them.

@johnnycash2238 2 года назад

Lmao. Watch to many movies. First of all, dead/missing people bring unnecessary attention. So killing is a last resort to these people. Dead people also don’t pay. You want your money, you keep them alive.

@GreenAntiHero 2 года назад

Shite

@originalunoriginal4055 2 года назад

@@johnnycash2238 they could expose him many ways if deciding on going the kidnapping route! Like, many guys drunk out of their minds or feeling the urge of getting intimate after a night out! The kidnappers have their guy tied to a bed and legs spread apart whilst also tied to both ends of the bed frame. He is in position for those guys to come right in, and penetrate whatever hole can be filled! 1 hour = $200 And in a few years, they'll make their money back!

@qs3162 2 года назад

This likely why he did this documentary, it was an indirect way of saying if you continue to come after me then the attention will be on you guys, I've told the world where the money came from the balls in your court. It's very likely the pressure was starting to pile up, and this is another way of him buying time.

@jubjub7101 2 года назад

This kids body does not match his face....freaking strange.

@softballgirl54 2 года назад

Prison bod

@nicm8909 2 года назад

U mean his voice don't match

@jubjub7101 2 года назад

@@nicm8909 Nope, voice matches, everything under the neck including the tattoos just don't fit this person. Maybe its the 3rd grade haircut he's rocking or his baby face.

@rhi4288 2 года назад

I also wasn't expecting that voice.... just imagining him in prison with that "gee golly" voice

@ivanweapon1196 2 года назад

It's called steroids lol

@melinyc7279 Год назад

Don't feel bad for the investors AT ALL. If your dumb enough to gamble those large amounts of money on a teeny bopper you should EXPECT to lose rather than ACTUALLY "win" or gain ANY profits . It's called odds and COMMON SENSE!

@keeper6458 Год назад

Agreed!

@vexling111 Год назад

He's glad to be alive tho!

@VictorH71905 Год назад

@@vexling111 Nothing to get Killed for cause again the Investors would've been in Trouble. Remember this is not the Mafia running the Country dude.

@jimmy_pebbles Год назад

*you're

@placeholderdoe Год назад

To be fair a decent amount of those returns we’re probably from family and friends

@SaharatOfficial 2 года назад

I grew up in CT and heard stories of Tuxedo Junction all the time. High school kids used to go to actually do drugs at the raves and I was like 13 and thought that was the coolest venue not realizing it was a huge scheme

@corymarquez1926 2 года назад

I remember going to HYPERGLOW there , good times man

@jonnygage5384 2 года назад

Went from a regular business to a scammer real quick!😂

@Existential_Dread 2 года назад

One of those dobisnisses

@ohemdoublegee 2 года назад

"I was bullied" So that's your excuse for becoming a bully?

@chronic_payne5669 2 года назад

You can tell he thinks he deserves money and attention because he was bullied. I don’t think this is the last time Ian will be in trouble with law enforcement

@brimmed 2 года назад

i'm pretty sure if i tried convincing my friend's parents to give me money to host parties they'd all have their kids stay away from me

@aaronwoo6 Год назад

I used to see this kid in high school always had a suit on and walked around with a briefcase lmao

@resevoirdog 2 года назад

This video wants us to feel bad for him. But ponzi schemes hurt people. He doesn't feel sorry and his ego is still big

@kittym96 2 года назад

Exactly. Definitely screwed over a lot of people. He ended it by saying they made a bunch of “mistakes” but it’s only a mistake when you get caught. He intentionally made decisions to benefit himself. I get he was young but at 17-19 I would’ve known better 🥱 He would’ve still kept it going if he didn’t get caught.

@jingbot1071 2 года назад

The people he screwed over are the kind of people willing to invest tens of thousands of dollars in a nightclub owned by a teenager based on his word alone. I may not feel bad for him, but I sure as hell don't feel bad for his investors, either.

@ilaser4064 2 года назад

@@kittym96 and the best part is how he writes it off that he was young... SMFH

@Yiges 2 года назад

@@jingbot1071 well put

@ClickKlack43 Год назад

Vice is always on the wrong side. Par for the course here.

@TwistedTriggerEnduro 2 года назад

Brilliant video!! Thanks for sharing to warn others who would walk down the same path. With wealth, comes responsibility. 💪

@OliJB23 2 года назад

Fair play. Seems like naïvety mixed with selfishness. I.e. being a teenager. Every club charges 20 to get in. It’s a shocker, but we keep doing it.

@dshow1658 2 года назад

I’m proud of the kid for trying it’s a lot more then most people do . If he had gotten some guidance it could have been great. I don’t think he was trying to rip people off he just got in overhead.

@daviedood2503 Год назад

Yes he was. He's smirking about lying and taking people's money, blowing it on crap and jet skis etc. He knew what he was doing. He admitting to covering up with LIES. Why lie? Bc they KNOW what they did was wrong. Hand in the cookie jar. Did u eat it? Uh...nooooo...who me? Nooo.. Lies. I don't feel bad for him 1 bit. His life is over now especially with a felony on his record.

@Maybe12343 2 года назад

That’s why you need to focus on bootstrapping when you start. I started my event planning company in college with some cofounders but we started with Logitech speakers in a dorm room and after 2 years into college ended up in the club scene. It takes time in this industry, relationships and resources to decrease your overall expenses. Everyone needs to get paid out 50% when they show up and 50% when they leave. Keeps everything fair and he could have negotiated with the club.

@springheeledjack165 2 года назад

Its a horribly unsustainable business anyway.

@mikerphone. 2 года назад

This isn't a fair characterization of this man. He was a child, you as an investor should see the issues in that. Of course he was going to make mistakes, to fail at understanding the business and how to run it.

@Big1nz 2 года назад

Yea you can't rationalize fraud and a ponzi scheme. Of course he deserves the consequences, and so do the investors.

@mikerphone. 2 года назад

@@Big1nz Agreed. To be clear, i do think he needed to face the law before he committed more crimes. But i really can't look at his investors as victims. I see them more as partners in crime. As some of the investors explained in this, they were seeing 10x return early on and they were recruiting more people into the business. A business started by a 17 year old. What about your decision to support that makes you a victim. He defraud you as much as you defrauded yourself. They sold themselves on the lies.

@Big1nz 2 года назад

@@mikerphone. No kidding good way to put it.

@tomondiek2839 Год назад

no this man is a fraudster by any standard and got a slap on the wrist.he should be serving a life sentence.minimum 50 years.

@croat5786 2 года назад

This 19 year old kid got more jail time than the crooks on Wall Street that caused the 08/09 recession…. America is sick LMAO

@18217018 Год назад

7:25 “It was like money laundering basically” no, no thats not at all what that is. The people he got loans from were loan sharking. Laundering is when you hide money from the government by funneling it through a legitimate business 🤦‍♀️

@annemcmillen5447 Год назад

Well....he very well could of been laundering money for the businesses loaning him the money

@J5L5M6 Год назад

@@annemcmillen5447 Yeah, he said they were moving straight cash in, cash out at that point. Definitely keeping two sets of books.

@jclausell62 2 года назад

He was still living with his mom while doing this?? Wow

@Aquariuswonder86 2 года назад

Smart choice considering how everything ended up

@lsdiesel8025 2 года назад

Still needed someone to do his laundry and the money was all tied up. What a loser.

@Nah08 2 года назад

@@lsdiesel8025 don't be mad that you couldn't hustle like this kid

@lsdiesel8025 2 года назад

@@Nah08 I made almost a mil last year without having to defraud anyone. Keep trying.

@DaRoyaleWCheese 2 года назад

@@lsdiesel8025 and I have own SpaceX

@plursocks 2 года назад

It's kind of off-putting how he's smiling about this the entire time.

@chronic_payne5669 2 года назад

Because he’s still the smug little bastard that defrauded these people and will absolutely do it again

@MOCHI-ek6rc 2 года назад

Because he got money

@jasonspades5628 2 года назад

Oh, I forgot. We all know better than everyone else.

@louistech112 2 года назад

3 years and you take 500k I’d sit too. Plus I’m sure he has money saved up somewhere

@connerfitzpatrick8142 2 года назад

Used to go to Tuxedo junction when i was in highschool from the age of 14-18...mind blowing experiences to have at such a young age but there was always something so fishy about it. Crazy what happened but honestly miss having such an insane (albeit tiny) club so close to home.

@randomshotz13 Год назад

If he hadn't taken too much money for himself and promised quick returns it would've just been a failed business. 3 years seems fair to teach him his mistakes, they weren't exactly egregious. There's many tech start ups that are doing this on a larger scale that just get looked as failed businesses. At least his product (the parties) actually happened and worked (just not monetarily) a lot of start ups fail to produce any usable product

@STANKYCHEEZEMAYNE Год назад

agree with all of this except the "three years seems fair" part lol white collar crime gets ignored unless it's not a traditional "white collar" person doing it lmao his assholery is a drop in the bucket compared to the bullshit that goes on every second in the financial world and almost none of those shitbags get a second glance let alone any measure of 'fair' punishment for their crimes lol fair doesn't exist

@Nitrous_Busa Год назад

Exactly. There are unfinished Kickstarter funding that have gotten more money and went quite after getting the money.

@lan7443 Год назад

are u dumb its a ponzi scheme not a buisness. A buisness sells things or give people services for money not promise people more money with money u dont have. And second the few starts ups who do run a ponzi scheme dont have a product that actually works as they promise to investors.

@randomshotz13 Год назад

@@lan7443 can you read? I literally said if he hadn't have been promising quick and notable investor returns it wouldn't have been a Ponzi. He DID throw parties, sell tickets, book acts etc... He did run a business but instead of being truthful to investors he started treating it like a Ponzi to cover his failing business. Never said it wasn't a Ponzi scheme but it's clear he didn't set out with intention unlike most Ponzi scammers

@ashj0 2 года назад

I wish someone would’ve just stepped in and tried to help him turn this around before it got really bad instead of letting a KID tank like that. This happened because he was young and didn’t understand money, investments, or how to properly manage the books of a business. This was all just being misinformed and no one helping him steer in the right direction. To be booking huge acts like that and putting on 100k shows at 18 years old says a lot. This could’ve been a VERY successful business for Ian and his friends had someone just helped him do it the right way.

@virtual-adam 2 года назад

Yea, a lot of bad decisions by Ian, could have done with some guidance.

@dhc2 2 года назад

he wanted gucci and to look cool more than he wanted to succeed, dont think he wouldve listened to any advice given to him

@kittym96 2 года назад

Idk he seems like he was well versed in what he was doing and knew that he had gotten into shady business. I doubt he knew everything about the business but he knew when he was going down an illegal route. Youth doesn’t always equal ignorance. You should be asking him where his parents were in all of this.

@vyepez500 2 года назад

True in the video he literally said there was no accounting and bookkeeping management , just money in and out. He lost control of his business very quickly and resort to shady to stuff to keep it afloat

@minimonkey969 2 года назад

He seemed to be too arrogant to council

@erinerinerinOOO 2 года назад

As someone who used to be in the rave throwing business, it’s NOT an easy way to make money!

@JAWNDOEmusic 2 года назад

Can we just spare a thought for just how DUMB these 'investors' were - trusting a group of high school kids to run a nightclub and they thought it would end well? Obv they didn't even ask to see financial doc's considering dude admitted they did no accounting and just used a Wells Fargo accnt smdh

@williamzhan4836 2 года назад

I was wondering that the entire time - either had to be flowing with money or felt a little sorry for him

@zigzag1906 2 года назад

Agree that it wasn't very smart, but many people would be fooled by a large number of people attending the parties and the high profile acts performing

@xanderx8661 Год назад

Well to be fair all the legitimate entertainers and promoters who wind up being famous and rich start as teenagers or young college students.

@JDelvaMusic Год назад

fr thank you

@HaitiSpaceAgency 2 года назад

This is going to look fantastic on his résumé when he starts applying for jobs in the finance sector.

@Kilen_BE 2 года назад

At least he grew up faster than avrg teens. His parents lack of intervention is questionable however… or he particularly managed to hide all that fall from them during these years, but if it’s not the case, they certainly share a part of responsibility. You don’t let a 17yo boy managing hundred thousands dollars just like that, it’s obvious at some points it will burn his fingers. But hey, everyone does mistakes… far worse criminals out there.

@Existential_Dread 2 года назад

What does the whole growing up faster than average teens mean? He’s convinced people to invest in shiny shits. If that is what counts as being grown up, we’re fucked.

@ricky-sanchez 2 года назад

@@Existential_Dread All he did was ask a bunch of people he knew for money to throw parties, and charge at the door. Any dummy can do this if they know enough *rich* people.🙄

@ellisteben 2 года назад

I bet his parents wouldn't know how to manage hundreds of thousands of dollars either. My parents sure don't. Heck my parents dont even know how to manage $100. If I made 100k, they would think I could manage it better than them

@diegoharo7943 2 года назад

His parents, friends, family, and family friends gave him money....invested money

@DJRenee Год назад

They probably were just as dorky as him. That's why he had no guidance.

@softballgirl54 2 года назад

Getting bullied as a kid doesn't give you license to become a thief.

@monsterhunter445 Год назад

Maybe but it does distort your perspective of what is right. Again bullying shouldn't exist.

@NJoint 2 года назад

From the kids themselves, to the artists trashing hotel rooms, to the guys giving them money- The world is full of idiots. There's so many flavors.

@MiamiMal 2 года назад

Loving how the soundtrack within this clip is similar to what’s in Uncut Gems

@MrKelaher 2 года назад

half million in debt : 3 years in federal prison Half a billion : titan of industry

@makeitpay8241 2 года назад

bingo

@ScoobyDoozy 2 года назад

I can’t even call this duper’s delight because he isn’t duping us, he isn’t hiding the smile at all with a slight tell, he’s grinning like goofy. This guy has to be a malignant narcissist. He revels in the infamy , the bragging, the notoriety. He didn’t do this because he was dumb and didn’t know what he was doing. He went this path because it’s what he wanted and enjoys. As his friend said, he wanted to go straight back into it, and had to be talked out of it.

@annemcmillen5447 Год назад

Please be careful when giving someone a medical diagnosis via the internet! Obviously the world is waking up to the reality of narcissistic personality disorder but sadly this is a very serious psychiatric disease that has 0 cure and no effective treatment. The more incorrect information there is then the more ease the narcs have hiding!

@madilynmckenna3195 Год назад

wow! i remember going to tuxedo junction!! crazy!

@briantomcollins Год назад

I'm from CT... i remember hearing radio commercials for these Tuxedo Junction parties.

@GreenAntiHero 2 года назад

He was young and didn’t know the one to blame are the greedy investors just seeing the high returns and not a 17yr old club manager…

@Jesusismysavior92 2 года назад

That’s no excuse to steal? He greedy to and he stole millions from these people to fund his life style

@GreenAntiHero 2 года назад

@@Jesusismysavior92 who is dis little man?

@fredeatstheworld308 2 года назад

@@Jesusismysavior92 he didn't steal are you braindead it is called taking a risk that is part of being a investor too. I don't blow heads of stock brokers for my decisions either even though sometimes i love too

@Jesusismysavior92 2 года назад

@@fredeatstheworld308 he did steal are you Braindead! You didn’t hear him say in this video he spend investor money on things he wanted to buy! Is that not stealing?

@PhilM4 Год назад

The part that confuses me the most is he was 19, but they kept showing pictures of him at prom to make him seem younger. I feel like the parents should have been more involved if your kid is working with 500k. They had to wonder where the Gucci clothes came from.

@zachbrown1630 9 месяцев назад

"I don't think that I've ever really experienced true success yet" and he says that after having spent three years in federal prison. Dude you're not going to experience true success, face it

@rocketloob449 Год назад

this guy had an episode on "generation hustle" if you guys want to see a longer version with more details. pretty crazy stuff

@jackiegrambusch5185 2 года назад

He was never a dummy. He knew what he was doing. Still knows what he's doing. Lol.

@annetteslife Год назад

He is lucky he only ended up with a three year sentence because there are people who are spending decades behind bars for the very same crime

@brilliantbeaches5389 Год назад

And there are many who defrauded people for literally billions and never went to jail.

@Killacam1992 Год назад

That’s not even the worse part.. some of the people and organizations he was defrauding were not the people you screw over and walk away with your life..

@annetteslife Год назад

@@Killacam1992 absolutely

@kesyj13 Год назад

I wonder how much federal time he would get, had he been black?🤔

@annetteslife Год назад

@@kesyj13 probably a lot longer.

@50Kay_ Год назад

I got into the entertainment business age of 16/17, always pulled a crowd but never in a single even did we break even...I quit the business and ventured into retail, best decision of my life

@pendragonscode Год назад

i just remembered the pixel gun music. Anyhow, good job covering this issue.

@sav1679 2 года назад

Although his plans of success were foiled he wasn’t a bad business owner/entrepreneur he just didn’t pay his dues when it was time and that will make anyone upset

@shawnise311 Год назад

The fact that he’s a kid pulling this off is impressive. On his own he had the sense secure a location and actually scale! He’s going to make it again. $1m is not that much for him. I hope he has the sense to pay it back. But, WHERE THE HELL ARE HIS PARENTS?!

@playsomething4029 Год назад

😂 Yeah you’re right!! THE HECK ARE HIS PARENTS DOING?! GIVE HIM SOME ADVICE PLEASE!

@ringring8938 Год назад

@@playsomething4029 I mean, his parents are so proud of him ahahahaha 🤣🤣😂🤣🤣😂 spent money like a puring water on the floor.

@kirkusbodurkus5535 Год назад

Danbury CT produces some legends. This guy, James Galante and his boy

@miosotisscorpio 2 года назад

Crazy, I remembered when this happened in town. He was popular because at 19 that's huge, but he messed up big time.

@judasplow25 2 года назад

When people talk about seriously messed up crap that they pulled on others while wearing a big happy puppy dog smile they are soulless sociopaths that would send their own mother to an early grave to make their own sleazy lives better.

@ryanhernandez8388 2 года назад

Yea. All those poor stupid rich investors giving money to a guy that has no idea what he’s doing. They’re the REAL victims here!

@Nivieee Год назад

This 💯 my exact thought! He doesn't feel any remorse at all.

@annemcmillen5447 Год назад

99.09% of Americans.

@FLYANDI 2 года назад

They should teach his journey in schools so people understand what it means going down this rabbit hole. Experience matters in the end!

@Schmuly 2 года назад

"They were young" talking about yourself in the third person is a sign of distancing one's self from what they have done

@SP-ny1fk 2 года назад

What's nuts about all these people is that they show zero anxiety. They are always very self-assured. They also demonstrate no regret for the harm they cause others. Look into their eyes and you see a monster peering back. Even in the interview he just keeps justifying himself. Endlessly.

@andrewtucker94 Год назад

Arguably, the kind of person who'd regret doing this would have stopped doing it.

@Feverdreamxo 10 месяцев назад

Politicians are the same way. Growing up around DC I noticed the young guys getting into politics tended to be dumber than the average person. But what they did have was insane level of self assurance, arrogance and the fearlessness to advocate for anything they wanted with little thought. Thus, they shoot for the stars and maybe end up in the sky at least.

@NewsNowLIVE1 Год назад

Uggh this was me in freshman year of high school. My ego was fkn huge. I’m glad I stepped away. I was 17 when I brought baby bash, bow wow, Kirk bangz, baeza, kid frost, and many teen parties. I’ve done lowrider car shows in LA and Miami, Dallas and New Mexico.

@danielmutunga1671 2 года назад

Always really excited about the new VICE videos 🥳

@lyricquinn Год назад

Wish these were longer 😩

@wopwopkross 2 года назад

Good docu vice!

@missychan63 Год назад

"250 people at $20 a ticket. We raised about $2,500." Kid might want to go back to math class... that's all I needed to hear. What he meant to say was, "We raised about $2,500 and stole about $2,500."

@Nexter1 Год назад

Ahaha I was thinking the same thing, but maybe he was saying like after expenses they raised $2,500. Who knows though lol.

@3089io 2 года назад

I had beers with a CPA who had spent some time working for the tax office and he was telling me that Ponzi schemes are extremely common, in fact, a lot of small businesses essentially are Ponzi schemes, and sometimes they run for years and the perpetrators don't really get it. Just robbing Peter to pay Paul, just like this kid. Like so many it's scary. Usually, it's not that big of a problem because they don't make enough money for it to matter. They just roll through it middling and bail out for something else burning the bridges. Ian is someone who people will listen to and trust... I think that's a huge gift and I'm sorry this happened to him. Pretty wild though. I feel for this kid. I have a feeling he'll do well in the future.

@daviedood2503 Год назад

Not anymore with a felony on his record. He's fd

@3089io Год назад

@@daviedood2503 Oh so people who commit crimes and get specifically a felony are then no longer allowed to have a life? I mean, it is pretty hard, but they are still alive. It's weird that people can pay a debt to society and they are still "fd".

@daviedood2503 Год назад

@@3089io yeah its called CONSEQUENCES pal. How are you going to go and defraud people, then go back to living life like nothing happened, meanwhile those folks are trying to recoup their money. There's a thing called justice. It exists for a reason. The CONSEQUENCES are usually a deterrent to NOT do dumb things OR ELSE. He figured he was smart enough to get away with it. Play dumb games with dumb prizes pal. The fact you're SIDING with him says a lot about YOU as well. 😂

@daviedood2503 Год назад

@@3089io in also bet YOU wouldn't be singing that same tune and having that same energy you got, if that was YOUR MONEY that was lost like that. 😂

@3089io Год назад

@@daviedood2503 This was posted so long ago that I might have lost the total context of the discussion. Sorry if I was inflammatory. I'm not trying to cause stress man. I was half remembering this video from 7 months ago. I think I stand by what I said that a felony is a felony. A court sentences someone to pay a debt to society with jail time and financial reparations. If a person does that and serves their time and after supervision, it's weird that, especially in the US, someone is still a felon that is "fd". That's all I'm saying. I think if humans are alive and will continue to be and we give them time to pay to reintegrate after they pay their debt if their judge deemed that they should be allowed to reintegrate, maybe it's a cool human thing to do to do our best to let them live as normal a life as they can if they don't re-offend and paid their debt. But like I said, I made this comment on this video 7 months ago. I might not be 100% on the same wavelength as your story and I hope I didn't stress you. Cheers man. Thanks for the discourse. 🙏

@damarisbeltran5440 2 года назад

That’s so crazy because I actually went to the hyper glow party back in high school, never could I imagine this was going on

@nf7089 6 месяцев назад

Damn, when did vice get good again? I remember 10 years ago Vice was on top, then they fizzled out after hamilton and iv only just realise VICE is back making insane documentaries

@maddadrants 2 года назад

Dude shows no remorse and seems to bask in his ripping off of people

@namenl2205 2 года назад

😂 he didn’t rip those dumb fcks off

@luckydepressedguy8981 2 года назад

When is a video about "I commit tax fraud at 19 years old" coming out?

@TSV805 2 года назад

I sure don’t love the “I was bullied” excuse for turning your life of defrauding people… Many people have unsatisfying middle and high school years who don’t turn to crime.

@madmikeblvd Год назад

Literally no one got defrauded, they made a bad investment.

@nonchablunt Год назад

Good luck for the future young man.

@adamp9348 2 года назад

Wow! Crazy to see this story pop back up. My friend owns the production company that did the A/V for Tuxedo Junction. I helped him out on a few shows… WILD times at that place.

@GreenAntiHero 2 года назад

No.

@johnnycoldheart7157 2 года назад

I used to work for an audio company that worked with him too AEI.

@kiuk_kiks 2 года назад

Those 15 people who invested $500K in a dorky 17 year old boy deserved to lose it all.

@mattrobinson195 2 года назад

Why?

@eric.ross.art1 Год назад

Looks like a good thing that just got out of control when the throttle should probably have been let up on. Don't ever give up.

@Simba_869 2 года назад

These documentaries need to be longer

@Imafed42069 2 года назад

Imagine if this dude put that $100K into BTC and then just went to prison and came out a billionaire

@kittym96 2 года назад

They would’ve snatched that money right back. It wasn’t his to invest, he was in debt 😂

@samred329 2 года назад

@@kittym96 Try to snatch someone's wallet you don't know anything about or how to access it

@JC-wj5os 2 года назад

@@samred329 exactly. and if he did buy btc, he'd be smart to never talk about it

@__goat__ 2 года назад

Damn, inventing a Ponzi scheme to invest all the scammed money into a Ponzi scheme

@kittym96 2 года назад

@@samred329 ok

@thefutureofyesterday8136 2 года назад

This reminded me of the “great” Frye Festival that brought the organizer a staggering 26 million dollars. One of the biggest parties that never existed.

@ThatTattooGuyOfficial Год назад

Who was the group of people giving 18 year old kids all the money? lol

@adamcoe 10 месяцев назад

my takeaway from this was "FBI punishes kid who got in over his head, and sends him to prison for doing a 0.0001% version of what banks do every day to millions of people"

@silverlake973 2 года назад

By the sounds of it this guy didn't even know what he was doing was illegal at the time. I'm sure he didn't set out with this with bad intentions as he was painted to do.

@Jesusismysavior92 2 года назад

How he didn’t know? He was 18, he knew it was wrong spending investor money because he knew he was going to make it back

@Madzblr 2 года назад

His retelling of the story obviously shows he knew what he was doing was bad....

@phunkyphresh3799 2 года назад

He was defrauding people and lying. He admitted he covered it up. Not to mention he wasn’t getting cops at his shows for nothing. Not knowing the law is not an excuse It’s clear he ignored liquor laws, fire regulations, safety, etc

@jg1019 2 года назад

I think he knew but was acting out of desperation. He could either continue his scam and try to somehow make the money back, or get out right away but leave with a ton of debt and no way to pay it off. He also mentioned that he was dealing with some shady people so it's not like he could have just got a job and payed off the debt little by little. He would have needed the money all at once and fast.

@Schmuly 2 года назад

Ignorance of the law is not an excuse any time no matter what.

@shaneintegra 2 года назад

Could have bumped up admission, offer cheap glow accessories, started a raffle of some sort

@benderbendingrodriguez6697 2 года назад

*spongebob voice* write that down!

@shyllagrace3927 2 года назад

This needs to be a movie

@ObscureHedgehog 2 года назад

What's the music right at the end, when it says "WATCH MORE" in different languages?

@dogoodjonathan 2 года назад

it’s so cool how we elevate these type of scammers - and usually give them a “he just fell into the wrong route” - I was bullied to and run a legitimate business // but I get it… he paid the price and seems like he is learning to somehow find redemption in his own story arc

@annemcmillen5447 Год назад

Wrong