Denver resident Ian Bell, 35, faces 18 federal charges and a lawsuit from the U.S. Securities and Exchange Commission. (LinkedIn)
“Send me a snapshot of where everything is right now,” she texted her investment advisor.
It was Oct. 28, 2021. The woman, identified in court documents as Investor 16, had given $20,000 to Denver advisor Ian Bell the month before. He had good news.
“Live from two min ago,” Bell reportedly texted back, alongside a screenshot showing her trading account was at $63,282. “This doesn’t include about 5k that is in options.”
It was a stunning gain in a month but not unexpected. A friend of hers, known today as Investor 5, had reportedly seen $22,000 multiply into $160,000 under Bell’s watch and was recommending Bell to his Denver friends accordingly. Within the city’s cafes and restaurants, and social gatherings, word was spreading: Ian Bell knew how to make money.
But prosecutors and federal regulators now say it was all a ruse. Screenshots that Bell sent investors were from a calculator app, not trading accounts, and Bell was “a failure as an investor and trader” who stole or squandered $1.3 million from 29 investors here, they allege.
“Ultimately, Bell lost all investor money that he traded,” the U.S. Securities and Exchange Commission wrote Monday. “In many cases, Bell lost investor money within days.”
Bell faces eight criminal counts of wire fraud, five counts of mail fraud and five counts of money laundering, in addition to the SEC’s civil lawsuit, which accuses him of securities fraud.
The accusations against Bell, if true, reveal how an unemployed 30something day trader used word-of- mouth to talk successful Denverites — including professional athletes, according to the government and claims in an unrelated lawsuit — into parting with their money.
“For those individuals who are looking to follow in this defendant’s footsteps, know that your odds of getting away with it are exceedingly low,” Jason Burt, who runs the SEC’s Denver office, said in a statement Monday, when the accusations against Bell were made public.
Bell’s lawyer, the prominent Denver defense attorney Harvey Steinberg of Springer & Steinberg, did not answer requests for comment on the accusations against his client. The SEC said Bell asserted his constitutional right to not answer questions when it interviewed him.
Bell, now 35, works in sales for NetSuite, a business software firm, according to his LinkedIn. Prior to that, he worked as an independent contractor at the Boulder investment firm Black Swift Group, according to that company. Black Swift executives said Bell left in 2019 and had no trading or investment authority at the company.
Ryan Lewis is the assistant defensive backs coach at Mines. (Colorado School of Mines)
Then, after six months of losing his own money trading stocks, Bell decided in July 2020 to invest the funds of his Denver social clique, according to the SEC. He told his friends and his friends’ friends that he would do so safely and successfully now, the SEC said.
The agency’s lawsuit purportedly shows the power of social connections and word-of-mouth. For example, the man known as Investor 5 is said to have convinced seven others to invest with Bell. Among them is Investor 6, the only purported victim who can be publicly identified.
Ryan Lewis bounced between several NFL teams between 2017 and 2021. When he reportedly met Bell in fall 2021 at Quality Italian in Cherry Creek, he was playing for the San Antonio Brahmas of the XFL, a minor league. He now coaches at Colorado School of Mines.
Lewis claimed in a lawsuit last year — and the SEC alleged this week — that Bell showed him an online account summary falsely indicating that Bell managed $300 million in assets. Lewis said Bell also sent him fake screenshots suggesting his $100,000 investment had multiplied fivefold, so Lewis invested an additional $186,500. He is Bell’s largest purported victim.
Before he grew suspicious, Lewis recommended Bell to an Investor 7, who is said to have lost $236,500, but not before recommending Bell to Investor 8, who gave $50,000. (Of Investor 7’s money, Bell allegedly pocketed $55,000 and then lost the rest trading stocks.)
The SEC’s lengthy lawsuit details several such chains that allegedly allowed Bell to continue defrauding. In October 2021, he reportedly texted an Investor 20 that her $5,000 was now “at $8,326! So, crushing. You are up 67%. I think the market is only up 16% haha.” So, her father wired $150,000 and became the alleged victim known as Investor 26, the SEC said.
Lewis’ lawsuit, which has been paused due to the criminal case against Bell, claims that Lewis received an $11,000 payout, one of the few investors to receive money back. Lewis believes that $11,000 came from other investors’ capital, known as a Ponzi payment. Responding to the lawsuit last September, Bell denied that allegation and all others against him.
Bell will not be imprisoned while he awaits trial but must remain in Colorado and surrender his passport. He is also prohibited from raising capital or opening bank accounts.
Editor’s note: This story has been updated with additional information regarding Bell’s position at a Boulder investment firm.
Denver resident Ian Bell, 35, faces 18 federal charges and a lawsuit from the U.S. Securities and Exchange Commission. (LinkedIn)
“Send me a snapshot of where everything is right now,” she texted her investment advisor.
It was Oct. 28, 2021. The woman, identified in court documents as Investor 16, had given $20,000 to Denver advisor Ian Bell the month before. He had good news.
“Live from two min ago,” Bell reportedly texted back, alongside a screenshot showing her trading account was at $63,282. “This doesn’t include about 5k that is in options.”
It was a stunning gain in a month but not unexpected. A friend of hers, known today as Investor 5, had reportedly seen $22,000 multiply into $160,000 under Bell’s watch and was recommending Bell to his Denver friends accordingly. Within the city’s cafes and restaurants, and social gatherings, word was spreading: Ian Bell knew how to make money.
But prosecutors and federal regulators now say it was all a ruse. Screenshots that Bell sent investors were from a calculator app, not trading accounts, and Bell was “a failure as an investor and trader” who stole or squandered $1.3 million from 29 investors here, they allege.
“Ultimately, Bell lost all investor money that he traded,” the U.S. Securities and Exchange Commission wrote Monday. “In many cases, Bell lost investor money within days.”
Bell faces eight criminal counts of wire fraud, five counts of mail fraud and five counts of money laundering, in addition to the SEC’s civil lawsuit, which accuses him of securities fraud.
The accusations against Bell, if true, reveal how an unemployed 30something day trader used word-of- mouth to talk successful Denverites — including professional athletes, according to the government and claims in an unrelated lawsuit — into parting with their money.
“For those individuals who are looking to follow in this defendant’s footsteps, know that your odds of getting away with it are exceedingly low,” Jason Burt, who runs the SEC’s Denver office, said in a statement Monday, when the accusations against Bell were made public.
Bell’s lawyer, the prominent Denver defense attorney Harvey Steinberg of Springer & Steinberg, did not answer requests for comment on the accusations against his client. The SEC said Bell asserted his constitutional right to not answer questions when it interviewed him.
Bell, now 35, works in sales for NetSuite, a business software firm, according to his LinkedIn. Prior to that, he worked as an independent contractor at the Boulder investment firm Black Swift Group, according to that company. Black Swift executives said Bell left in 2019 and had no trading or investment authority at the company.
Ryan Lewis is the assistant defensive backs coach at Mines. (Colorado School of Mines)
Then, after six months of losing his own money trading stocks, Bell decided in July 2020 to invest the funds of his Denver social clique, according to the SEC. He told his friends and his friends’ friends that he would do so safely and successfully now, the SEC said.
The agency’s lawsuit purportedly shows the power of social connections and word-of-mouth. For example, the man known as Investor 5 is said to have convinced seven others to invest with Bell. Among them is Investor 6, the only purported victim who can be publicly identified.
Ryan Lewis bounced between several NFL teams between 2017 and 2021. When he reportedly met Bell in fall 2021 at Quality Italian in Cherry Creek, he was playing for the San Antonio Brahmas of the XFL, a minor league. He now coaches at Colorado School of Mines.
Lewis claimed in a lawsuit last year — and the SEC alleged this week — that Bell showed him an online account summary falsely indicating that Bell managed $300 million in assets. Lewis said Bell also sent him fake screenshots suggesting his $100,000 investment had multiplied fivefold, so Lewis invested an additional $186,500. He is Bell’s largest purported victim.
Before he grew suspicious, Lewis recommended Bell to an Investor 7, who is said to have lost $236,500, but not before recommending Bell to Investor 8, who gave $50,000. (Of Investor 7’s money, Bell allegedly pocketed $55,000 and then lost the rest trading stocks.)
The SEC’s lengthy lawsuit details several such chains that allegedly allowed Bell to continue defrauding. In October 2021, he reportedly texted an Investor 20 that her $5,000 was now “at $8,326! So, crushing. You are up 67%. I think the market is only up 16% haha.” So, her father wired $150,000 and became the alleged victim known as Investor 26, the SEC said.
Lewis’ lawsuit, which has been paused due to the criminal case against Bell, claims that Lewis received an $11,000 payout, one of the few investors to receive money back. Lewis believes that $11,000 came from other investors’ capital, known as a Ponzi payment. Responding to the lawsuit last September, Bell denied that allegation and all others against him.
Bell will not be imprisoned while he awaits trial but must remain in Colorado and surrender his passport. He is also prohibited from raising capital or opening bank accounts.
Editor’s note: This story has been updated with additional information regarding Bell’s position at a Boulder investment firm.
