Ian Gregory Bell, 36, who faced more than a dozen charges for defrauding 29 investors — some of whom were professional athletes — accepted a plea deal earlier this month that will likely send him to prison for just over three years.
Bell was indicted in December 2024 on 18 charges brought by the U.S. Attorney’s Office and the Securities and Exchange Commission. On May 8, he pleaded guilty to two counts involving wire fraud and money laundering.
He will also have to pay restitution to the 29 victims. The exact amount will be set before sentencing, but it’s expected to be around $1.2 million. The names of the professional athletes involved were not disclosed in the complaint or plea agreement.
The plea deal states Bell acted as an investment adviser and raised about $1.2 million from investors between 2020 and 2023. He promised them significant returns with low risk.
However, just days or weeks after receiving the funds, Bell either spent or lost the money. Despite this, he falsely told investors their accounts were growing and sent fake screenshots showing fabricated profits.
He also assured investors he would only take fees when they withdrew funds, taking them from profits. Instead, he withdrew part of the money for personal use before investing any funds.
When investors demanded their money back, Bell offered excuses and even created fake email addresses to send fraudulent correspondence, making investors believe they would be paid soon.
In some cases, he mailed checks to investors that bounced due to insufficient funds or lacked proper information.
Bell used investor money to pay his girlfriend’s credit card bill and send money to his mother.
He is scheduled to be sentenced on August 1.
