Spoiled, Rotten Day Trader
Ian G. Bell touted a wealthy background to allegedly dupe investors in his money-losing investment scheme
“History repeats itself. That's one of the things wrong with history.” – Clarence Darrow
A Denver day trader leveraged his high-society connections to raise more than $1.3 million in investments – some of it from professional athletes. Then he allegedly blew it all on his girlfriend, his mother, himself and his losing trades.
Ian Gregory Bell, 35, faces 18 federal charges and a civil action from the Securities and Exchange Commission for duping at least 29 investors between July 2020 and March 2023.
He was released on a $20,000 bond after pleading not guilty on Monday. His lawyer, longtime white-collar defense counsel Harvey Steinberg, isn’t talking.
According to the indictment:
“BELL touted his investing skills and told many investors he could earn significant returns with low risk. In nearly all cases, however, he spent or lost the investors’ money within days or weeks of receiving it. …
“BELL used proceeds of the scheme for personal gain, including to pay his girlfriend’s credit card bill and to transfer money to his mother.”
Bell’s mother, who is not named in the indictment or the SEC’s complaint is Carylyn Bell, who runs in upper-crust Denver social circles. She has boasted “an elegant Tudor mansion”. (See it all on Realtor.com.) Her LinkedIn page bills her as “an accomplished business leader” and CEO of Corporate Escrow Management Inc.
Bell’s grandfather was the late John McCandish King, former chairman and chief executive officer of the King Resources Co. of Denver, who was sentenced to a year in prison in 1976 after being convicted on fraud and conspiracy charges.
King’s obituary memorializes him as a U.S. Trade Ambassador appointed by former President Richard Nixon, Vice Chairman of the Republican National Finance Committee, a Colorado Republican Party leader and a two-term Illinois House Representative.
Bell’s victims remain largely unnamed in both complaints filed against him, except for former NFL player Ryan Lewis.
Lewis, who is now assistant defensive back coach for the Colorado Mines Orediggers, filed a lawsuit last year alleging that Bell plied him with fake screenshots showing his $100,000 investment had multiplied five times.
He also claimed Bell purported to manage $300 million in assets.
Lewis then invested another $186,000 and recommended Bell to other investors.
Something with the air?
Actions against Bell seem like a case of history repeating itself. Perhaps the 5280 air is too thin for some of Denver’s moneyed class to think clearly.
In 2010, a self-proclaimed day-trading wiz named Sean Mueller plead guilty to fleecing Pro Football Hall of Famer John Elway and some of Denver’s wealthiest people.
Mueller, who was sentenced to 40 years in prison remains in custody to this day.
Bell faces a similar fate. Federal sentencing guidelines listed in the indictment say he could face 20 years for counts 1-13 and 10 years for the rest of them.
(The rest of this report is for paid subscribers.)
Keep reading with a 7-day free trial
Subscribe to Business Blunders to keep reading this post and get 7 days of free access to the full post archives.