I Ran a Nightclub Ponzi Scheme at 19 | Fakes, Frauds & Scammers
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2 жыл бұрынAt 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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@MalucoDivino 2 жыл бұрын
Taking money from investors to pay other investors was once previously called ponzi. Now it’s called startup!
@TMM-N 2 жыл бұрын
Exactly.. Losing money nowadays is called BELIEVING IN DREAM
@Qwerasdf-vg9po 2 жыл бұрын
Amazon lost money for a while when they started. It’s about the business model
@precooked-bacon 2 жыл бұрын
@@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 жыл бұрын
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 жыл бұрын
look at the richest man on the planet, his companies barely made any profits.
@frostman9661 2 жыл бұрын
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 жыл бұрын
Agreed, the prosecuters and various media outlets used it to frame him easier.
@drinkbuje2807 2 жыл бұрын
highly agreed! its not illegal if your investment loses money
@whydoncha 2 жыл бұрын
He admits he lied in the first sentence of the video? The definition of fraud.
@frostman9661 2 жыл бұрын
@@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 жыл бұрын
I agreed, it's seems like he made a lot of mistakes which is common when having a business.
@sandeepgurung9950 Жыл бұрын
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 Жыл бұрын
Youve gotta lose your ego for guidance to make a difference.
@elliot7876 11 ай бұрын
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 11 ай бұрын
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 9 ай бұрын
highly recommend his podcast and the one he did with Michael Rappaport!
@Physics072 6 ай бұрын
Once a con always a con. He will wind up in jail again just like a drunk.
@TacoStacks 2 жыл бұрын
So this all breaks down to Wiz's fault?
@Andres-bv8lr 2 жыл бұрын
🤣🤣
@jpark28 2 жыл бұрын
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 жыл бұрын
this would have never happened if they just got him some Kush & OJ in the green room smh
@joheewrx5278 2 жыл бұрын
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 жыл бұрын
🤣🤣🤣🤣 correct
@HN-kk7vy 2 жыл бұрын
His smirk gives it away, he still thinks he’s the smartest guy in the room. Loves the attention.
@tammermashni8541 2 жыл бұрын
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 жыл бұрын
@@tammermashni8541 I'm also very intelligent, thats why I tell people in KZfaq comments that I'm intelligent
@JoeDirtsDaddy___7 2 жыл бұрын
@Grichka Bogdanoff Ur cringe
@thenight9460 2 жыл бұрын
@@tammermashni8541 «dumb it down» - is that what the smart people say nowadays?🤔🧐
@mattk8810 2 жыл бұрын
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 жыл бұрын
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 жыл бұрын
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 жыл бұрын
@@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 жыл бұрын
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 жыл бұрын
@@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 жыл бұрын
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.
@Tina-mt9cl Жыл бұрын
Had he gotten someone knowledgeable to organize the paperwork & investments none of this would have been illegal.
@feichangyishu Жыл бұрын
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 Жыл бұрын
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 Жыл бұрын
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 Жыл бұрын
But then wouldnt have been as profitable once more hands enter the pot.
@d8l835 Жыл бұрын
Lieing to investors has 0 to do with paperwork...
@justr3d384 2 жыл бұрын
"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 2 жыл бұрын
What do you mean by fill the bucket of costs?
@insanomonkey Жыл бұрын
@@annemcmillen5447 Revenues - Costs = Profits
@DuBstep115 Жыл бұрын
@@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 Жыл бұрын
@@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 Жыл бұрын
@@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 жыл бұрын
I like how he narrated the whole thing smiling
@moballardful 2 жыл бұрын
You want him to still be in tears years after the events transpired???
@chronic_payne5669 2 жыл бұрын
He’s still smug as hell
@comptche3972 2 жыл бұрын
This guy is a prime example of entitlement and lack of accountability.
@lilbig948 2 жыл бұрын
Cause he got more stashed somewhere😂
@brunocardona6283 2 жыл бұрын
He only served 8 months. wouldn’t you?
@swannyson8609 2 жыл бұрын
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 Жыл бұрын
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 Жыл бұрын
😅🤣
@monsterhunter445 Жыл бұрын
Yeah but to be fair they were his friends and family so most people automatically trust their family members.
@XIIMMIV Жыл бұрын
fr 😹 no victim blaming but do ur research when it comes to making investments
@quantumozarksgo1060 Жыл бұрын
I agree, that was definitely a HIGH RISK INVESTMENT
@Physics072 6 ай бұрын
And you speak exactly like a con. Keep making excuses for lack of morals.
@foxroxy86 Жыл бұрын
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 Жыл бұрын
Right? Where were his parents or the people "investing" in a 17year old's investment idea. lol.
@poindextertunes Жыл бұрын
A24? naw
@JMacSD Жыл бұрын
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 Жыл бұрын
i think it’s hard for regular people to truly grasp how much money a lot of people have, and that 100k is nothing.
@cherrygarcia5514 2 жыл бұрын
Taji should’ve done the interview
@theghettoracle 2 жыл бұрын
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 жыл бұрын
But how do we know he didn’t pick up a cocaine habit?
@crzyautochic4807 2 жыл бұрын
How do u know he didnt?
@thepdw 2 жыл бұрын
It's not too late!
@crzyautochic4807 2 жыл бұрын
@@thepdw 🤣🤣🤣
@kasualbeauty309 2 жыл бұрын
At least they didn’t tell us he did haha
@ianbickCT 4 ай бұрын
Thanks for having me on!
@HaydenHatTrick Жыл бұрын
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 Жыл бұрын
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.
@jenjuice432 2 жыл бұрын
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 жыл бұрын
I'll believe any party advice from someone named Jen & Juice. 👍🏾
@QuixEnd 2 жыл бұрын
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 жыл бұрын
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 жыл бұрын
@@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 жыл бұрын
@@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.
@MIKEYC 2 жыл бұрын
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 жыл бұрын
The world of event organizers is way different than the world performers and event attendees are aware of.
@richyred123 Жыл бұрын
Why you lying
@jessecfc2358 Жыл бұрын
@@richyred123 he's not i was there as well
@word42069 Жыл бұрын
Sad thing with people like this is that with better decisions and influences… they probably could have been successful and more importantly, legitimate.
@vexling111 Жыл бұрын
He may build something successful someday. He has an itch for it.
@claudiuvma Жыл бұрын
Man....he even said that from first show was a bust. 80k debt.... wtf succesfull guy would do something like that?
@dynomantar9733 2 жыл бұрын
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 жыл бұрын
And there's some mf around my area getting clapped for the nikes on their feet lmao.
@daviedood2503 Жыл бұрын
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
@Camila-tf6rc 2 жыл бұрын
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 жыл бұрын
So true and its very common for artists to do that
@fmfad 2 жыл бұрын
rockstar life
@UncleHashy 2 жыл бұрын
I'm not a rockstar but I've certainly left an upper decker or 2 for someone to clean up
@castelodomar846 2 жыл бұрын
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 жыл бұрын
They are ARTISTS what do you expect ?
@ChristianF15cher 2 жыл бұрын
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 жыл бұрын
He's ceo of a new company. Stay mad , poor people are funny
@Jesusismysavior92 2 жыл бұрын
@@disnut5557 please tell me that your not poor calling somebody else poor
@disnut5557 2 жыл бұрын
@@Jesusismysavior92 yes im calling this salty person poor because they are poor. Problem?
@disnut5557 2 жыл бұрын
@Scotty secretly loves Chryslers Quite financially successful but thank you for the concerns peasant
@Jesusismysavior92 2 жыл бұрын
@@disnut5557 you must be poor? You can’t call somebody else poor if your poor
@aaronwoo6 Жыл бұрын
I used to see this kid in high school always had a suit on and walked around with a briefcase lmao
@Teddy_Morrison 2 жыл бұрын
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 жыл бұрын
Amazing doc on Netflix!
@jubjub7101 2 жыл бұрын
This kids body does not match his face....freaking strange.
@softballgirl54 2 жыл бұрын
Prison bod
@nicm8909 2 жыл бұрын
U mean his voice don't match
@jubjub7101 2 жыл бұрын
@@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 жыл бұрын
I also wasn't expecting that voice.... just imagining him in prison with that "gee golly" voice
@ivanweapon1196 2 жыл бұрын
It's called steroids lol
@jonny_gage 2 жыл бұрын
Went from a regular business to a scammer real quick!😂
@Existential_Dread 2 жыл бұрын
One of those dobisnisses
@TheStubertos 2 жыл бұрын
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 Жыл бұрын
they both must be planning a new ponzi scheme
@SaharatOfficial 2 жыл бұрын
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 жыл бұрын
I remember going to HYPERGLOW there , good times man
@ohemdoublegee 2 жыл бұрын
"I was bullied" So that's your excuse for becoming a bully?
@chronic_payne5669 2 жыл бұрын
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
@jimparsons9454 2 жыл бұрын
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 жыл бұрын
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 жыл бұрын
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 жыл бұрын
Shite
@originalunoriginal4055 2 жыл бұрын
@@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 жыл бұрын
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.
@brimmed 2 жыл бұрын
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
@croat5786 2 жыл бұрын
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
@resevoirdog 2 жыл бұрын
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 жыл бұрын
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 жыл бұрын
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 жыл бұрын
@@kittym96 and the best part is how he writes it off that he was young... SMFH
@Yiges 2 жыл бұрын
@@jingbot1071 well put
@ClickKlack43 2 жыл бұрын
Vice is always on the wrong side. Par for the course here.
@jclausell62 2 жыл бұрын
He was still living with his mom while doing this?? Wow
@Aquariuswonder86 2 жыл бұрын
Smart choice considering how everything ended up
@lsdiesel8025 2 жыл бұрын
Still needed someone to do his laundry and the money was all tied up. What a loser.
@Nah08 2 жыл бұрын
@@lsdiesel8025 don't be mad that you couldn't hustle like this kid
@lsdiesel8025 2 жыл бұрын
@@Nah08 I made almost a mil last year without having to defraud anyone. Keep trying.
@DaRoyaleWCheese 2 жыл бұрын
@@lsdiesel8025 and I have own SpaceX
@melinyc7279 Жыл бұрын
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 Жыл бұрын
Agreed!
@vexling111 Жыл бұрын
He's glad to be alive tho!
@VictorH71905 Жыл бұрын
@@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 Жыл бұрын
*you're
@placeholderdoe Жыл бұрын
To be fair a decent amount of those returns we’re probably from family and friends
@OliJB23 2 жыл бұрын
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.
@plursocks 2 жыл бұрын
It's kind of off-putting how he's smiling about this the entire time.
@chronic_payne5669 2 жыл бұрын
Because he’s still the smug little bastard that defrauded these people and will absolutely do it again
@MOCHI-ek6rc 2 жыл бұрын
Because he got money
@jasonspades5628 2 жыл бұрын
Oh, I forgot. We all know better than everyone else.
@louistech112 2 жыл бұрын
3 years and you take 500k I’d sit too. Plus I’m sure he has money saved up somewhere
@mikerphone. 2 жыл бұрын
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 жыл бұрын
Yea you can't rationalize fraud and a ponzi scheme. Of course he deserves the consequences, and so do the investors.
@mikerphone. 2 жыл бұрын
@@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 жыл бұрын
@@mikerphone. No kidding good way to put it.
@tomondiek2839 Жыл бұрын
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.
@dshow1658 2 жыл бұрын
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 Жыл бұрын
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.
@randomshotz13 Жыл бұрын
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 Жыл бұрын
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 Жыл бұрын
Exactly. There are unfinished Kickstarter funding that have gotten more money and went quite after getting the money.
@lan7443 Жыл бұрын
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 Жыл бұрын
@@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
@erinerinerinOOO 2 жыл бұрын
As someone who used to be in the rave throwing business, it’s NOT an easy way to make money!
@MrKelaher 2 жыл бұрын
half million in debt : 3 years in federal prison Half a billion : titan of industry
@makeitpay8241 2 жыл бұрын
bingo
@connerfitzpatrick8142 2 жыл бұрын
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.
@MiamiMal 2 жыл бұрын
Loving how the soundtrack within this clip is similar to what’s in Uncut Gems
@TwistedTriggerEnduro 2 жыл бұрын
Brilliant video!! Thanks for sharing to warn others who would walk down the same path. With wealth, comes responsibility. 💪
@softballgirl54 2 жыл бұрын
Getting bullied as a kid doesn't give you license to become a thief.
@monsterhunter445 Жыл бұрын
Maybe but it does distort your perspective of what is right. Again bullying shouldn't exist.
@18217018 2 жыл бұрын
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 2 жыл бұрын
Well....he very well could of been laundering money for the businesses loaning him the money
@J5L5M6 Жыл бұрын
@@annemcmillen5447 Yeah, he said they were moving straight cash in, cash out at that point. Definitely keeping two sets of books.
@rocketloob449 2 жыл бұрын
this guy had an episode on "generation hustle" if you guys want to see a longer version with more details. pretty crazy stuff
@ashj0 2 жыл бұрын
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 жыл бұрын
Yea, a lot of bad decisions by Ian, could have done with some guidance.
@dhc2 2 жыл бұрын
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 жыл бұрын
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 жыл бұрын
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 жыл бұрын
He seemed to be too arrogant to council
@maddadrants 2 жыл бұрын
Dude shows no remorse and seems to bask in his ripping off of people
@namenl2205 2 жыл бұрын
😂 he didn’t rip those dumb fcks off
@HaitiSpaceAgency 2 жыл бұрын
This is going to look fantastic on his résumé when he starts applying for jobs in the finance sector.
@ThatTattooGuyOfficial Жыл бұрын
Who was the group of people giving 18 year old kids all the money? lol
@JAWNDOEmusic 2 жыл бұрын
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 жыл бұрын
I was wondering that the entire time - either had to be flowing with money or felt a little sorry for him
@zigzag1906 2 жыл бұрын
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 2 жыл бұрын
Well to be fair all the legitimate entertainers and promoters who wind up being famous and rich start as teenagers or young college students.
@NJoint 2 жыл бұрын
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.
@ervinfowlkes8326 2 жыл бұрын
I feel like he was one adult accountant away from an actual business.
@briantomcollins 2 жыл бұрын
I'm from CT... i remember hearing radio commercials for these Tuxedo Junction parties.
@Maybe12343 2 жыл бұрын
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 жыл бұрын
Its a horribly unsustainable business anyway.
@Imafed42069 2 жыл бұрын
Imagine if this dude put that $100K into BTC and then just went to prison and came out a billionaire
@kittym96 2 жыл бұрын
They would’ve snatched that money right back. It wasn’t his to invest, he was in debt 😂
@samred329 2 жыл бұрын
@@kittym96 Try to snatch someone's wallet you don't know anything about or how to access it
@JC-wj5os 2 жыл бұрын
@@samred329 exactly. and if he did buy btc, he'd be smart to never talk about it
@__goat__ 2 жыл бұрын
Damn, inventing a Ponzi scheme to invest all the scammed money into a Ponzi scheme
@kittym96 2 жыл бұрын
@@samred329 ok
@wopwopkross 2 жыл бұрын
Good docu vice!
@Schmuly 2 жыл бұрын
"They were young" talking about yourself in the third person is a sign of distancing one's self from what they have done
@danielmutunga1671 2 жыл бұрын
Always really excited about the new VICE videos 🥳
@PhilM4 Жыл бұрын
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.
@sav1679 2 жыл бұрын
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
@adamcoe 11 ай бұрын
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"
@Kilen_BE 2 жыл бұрын
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 жыл бұрын
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 жыл бұрын
@@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 жыл бұрын
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 жыл бұрын
His parents, friends, family, and family friends gave him money....invested money
@DJRenee Жыл бұрын
They probably were just as dorky as him. That's why he had no guidance.
@jackiegrambusch5185 2 жыл бұрын
He was never a dummy. He knew what he was doing. Still knows what he's doing. Lol.
@annetteslife Жыл бұрын
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 Жыл бұрын
And there are many who defrauded people for literally billions and never went to jail.
@Killacam1992 Жыл бұрын
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 Жыл бұрын
@@Killacam1992 absolutely
@kesyj13 Жыл бұрын
I wonder how much federal time he would get, had he been black?🤔
@annetteslife Жыл бұрын
@@kesyj13 probably a lot longer.
@miosotisscorpio 2 жыл бұрын
Crazy, I remembered when this happened in town. He was popular because at 19 that's huge, but he messed up big time.
@er42069 2 жыл бұрын
this dude looks artificially big like he body swapped a from a scrawny nerd to pro builder lol
@GreenAntiHero 2 жыл бұрын
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 жыл бұрын
That’s no excuse to steal? He greedy to and he stole millions from these people to fund his life style
@GreenAntiHero 2 жыл бұрын
@@Jesusismysavior92 who is dis little man?
@fredeatstheworld308 2 жыл бұрын
@@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 жыл бұрын
@@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?
@shyllagrace3927 2 жыл бұрын
This needs to be a movie
@Simba_869 2 жыл бұрын
These documentaries need to be longer
@missychan63 Жыл бұрын
"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 Жыл бұрын
Ahaha I was thinking the same thing, but maybe he was saying like after expenses they raised $2,500. Who knows though lol.
@ScoobyDoozy 2 жыл бұрын
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 2 жыл бұрын
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!
@damarisbeltran5440 2 жыл бұрын
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
@lyricquinn 2 жыл бұрын
Wish these were longer 😩
@FLYANDI 2 жыл бұрын
They should teach his journey in schools so people understand what it means going down this rabbit hole. Experience matters in the end!
@JJW419 Жыл бұрын
My boy got in shape in prison didn't he ? 😂
@ObscureHedgehog 2 жыл бұрын
What's the music right at the end, when it says "WATCH MORE" in different languages?
@50Kay_ Жыл бұрын
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
@TheChanelcupcake 2 жыл бұрын
.....he's gonna do it again in a few years
@pinkelnnn 2 жыл бұрын
basically a younger jordan belfort
@nonchablunt Жыл бұрын
Good luck for the future young man.
@madilynmckenna3195 Жыл бұрын
wow! i remember going to tuxedo junction!! crazy!
@M1238_ Жыл бұрын
If you're dumb enough to give that amount of money to a kid, you have to face the consequences
@captainofthesea1160 2 жыл бұрын
Every American makes an excuse for bad behaviour and says they were bullied.
@Bikerider8962 2 жыл бұрын
When I heard Danbury, I was like no way is it CT. Then when they said the club I honestly jumped out of my bed haha.
@pendragonscode Жыл бұрын
i just remembered the pixel gun music. Anyhow, good job covering this issue.
@shaneintegra 2 жыл бұрын
Could have bumped up admission, offer cheap glow accessories, started a raffle of some sort
@benderbendingrodriguez6697 2 жыл бұрын
*spongebob voice* write that down!
@kiuk_kiks 2 жыл бұрын
Those 15 people who invested $500K in a dorky 17 year old boy deserved to lose it all.
@mattrobinson195 2 жыл бұрын
Why?
@nf7089 8 ай бұрын
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
@KING_KONK 2 жыл бұрын
I used to go to this club in 2002 - 2004 this is amazing
@berserkergames113 2 жыл бұрын
Dbag, the fact that he did the interview with a smile shows he didnt take it serious.... deserved more than a slap on the wrist
@judasplow25 2 жыл бұрын
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 жыл бұрын
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 2 жыл бұрын
This 💯 my exact thought! He doesn't feel any remorse at all.
@annemcmillen5447 2 жыл бұрын
99.09% of Americans.
@kirkusbodurkus5535 2 жыл бұрын
Danbury CT produces some legends. This guy, James Galante and his boy
@davidvignola7060 2 жыл бұрын
The stories alone make it all worth it in my opinion.
@jimmijames6294 2 жыл бұрын
He is skipping shoulder/back and ab days.
@dogoodjonathan 2 жыл бұрын
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 2 жыл бұрын
Wrong
@NewsNowLIVE1 Жыл бұрын
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.
@SP-ny1fk 2 жыл бұрын
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 2 жыл бұрын
Arguably, the kind of person who'd regret doing this would have stopped doing it.
@Feverdreamxo 11 ай бұрын
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.
Enderestories
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