@@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.
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.
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.
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.
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.
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
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
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 😂
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.
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.
@@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.
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.
@@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 😂🙏
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.
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
"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.
@@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?
@@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
@@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.
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...
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😫
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.
Sad thing with people like this is that with better decisions and influences… they probably could have been successful and more importantly, legitimate.
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.
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
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.
@@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.
@@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.
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.
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.
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.
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.
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
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!
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.
@@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!
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.
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 🤦♀️
@@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.
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 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.
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
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
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.
@@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
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.
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.
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.
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
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
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
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.
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.
@@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.🙄
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
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.
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.
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
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.
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
"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."
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.
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.
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.
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.
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
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.
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.
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"
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..
Can happen anywhere don't act like bad investors don't exist anywhere and investing into yourself is not scamming it is trying to succed he just had poor money management and should hired a financial advisor or manager with more experince.
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.
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!
@@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
@@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?
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.
Who let's an 18 year old run a business like that ???? WHO WOUKD GIVE AN 18 YEAR OLD WITH NO EXPERIENCE TENS OF THOUSANDS OF DOLLARS. That's right you've guessed it .......Americans. 🤣🤣🤣 another great success story from the American dream
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.
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
If he was a different skin color , the energy would’ve been different in the comments … this guy robbed and played with peoples lives … double standards ffs
Def drove 6 hours one way to see a show there! Was guest listed. And never remembered the name of the venue, just that it was in Danbury, CT and I was thinking how close I was to NY
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?!
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.
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.
Doesn’t really seem like an accountable man. Still seems like he’s cocky. You can’t blame it on your age. You defrauded investors, and ran a Ponzi scheme. Own it.
Damn. There was a similar situation with some of my friends. We gathered a bunch of cash, bought as much ecstasy in Toronto as possible, and brought it into the US and would throw smaller underground raves at first. Within 2 years it went from 2500 pills or so and local DJ's in a random place to a lot more drugs, big names & big venues. This was 98-2001, and the feds nailed several in the operation, and some investors lost out decent amounts of money. This video took me all the way back to then. But honestly, I'd do it all over again if I could go back in time. I know how this kid felt. His big mistake was booking the people he was in a small town, and spending money that wasnt his. You have to book acts who are realistic for your budget and area. A show will flop here and there, its the nature of the beast. Be realistic so you have capital & a loyal following, then throw a big one once in awhile. Those are the shows you lose out on usually, but it keeps people coming to your events. Obviously having 20 more years than this kid & going between 2 large cities and an international border I probably had a lot more street smarts, but eventually the feds catch up to everyone. Ya gotta quit while youre ahead sometimes.
This isn't fraud, it's capitalism. The guy told investors he'd run parties and he did. He paid himself a salary from company funds, standard even for loss-making companies, and tried hard to give returns to shareholders. Business went broke and investors lost money, it was a risk from the start hence the returns. The only difference in how older people operate is that they set up a corporation and arrange their accounts to externalise costs and risk within the law.
I went through a very similar thing but on a lot smaller scale when i was 16yrs old. I started buying 9-bars (nine ounces) of hash from a reliable source and began selling it on a huge scale. I couldn't believe how fast i could sell it. But it was mainly because i would always give a lot more than people actually paid for. I was a dealer that every pot-head wanted to know. So as fast as i would get a stack of 9-bars it would sell even quicker. It got to the point where i would sit under a tree in a park all day with a line of people waiting to buy fat bricks of hash. It got so big that my dealer let me start getting my bars on tick (credit) to the point i could get at least £5,000 worth of hash on tick over a 24 hour period. I started buying fresh shoes, designer jackets, gold and even managed to get my hands on a gun, which is totally illegal in the UK. I only bought it because i could - i had no intention of every using it; in fact i only had 6 bullets which i fired into a skip the first day i got it. After 1 full year of playing this game i was around £80,000 in debt yet everyone thought i was a genius entrepreneur. One day 3 huge guys in a BMW pulled up outside my Mum's house (where i was still living) and said there was an emergency and they needed to be paid in full for what i owed by the end of the week otherwise there was going to be a war. I said "yeah, no worries" and they drove away. I broke down in front of my parents and told them what i had done and my Dad laughed and said "bad luck son but we're not giving you a penny". I had to tell my parent's that if i didn't come up with the money the house would get ripped apart by dangerous people and i'd probably get stabbed up badly. Eventually my Mum said she would remortgage the house and come up with the $80,000 but i would have to pay it back otherwise they would disown me then go to the police. So i ended up paying my dealers on the promise that i would stop selling for them once i had payed my debt. And that's exactly what happened. I then spent the next 4 years working, sleeping, reading books and paying every single penny i earnt back to my parents. That was 25 years ago and i live a quiet, simple live nowadays.
Billy McFarland the guy who tanked Fyre festival due to bad decision and over the top planning, that case will never be forgotten. This is the first time I'm hearing about the Danbury CT case.
Taking money from investors to pay other investors was once previously called ponzi. Now it’s called startup!
Exactly..
Losing money nowadays is called BELIEVING IN DREAM
Amazon lost money for a while when they started. It’s about the business model
@@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.
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.
look at the richest man on the planet, his companies barely made any profits.
He has the guts . Only if there was any proper guidance, he would have been so successful at a very young age. Poor lad
Youve gotta lose your ego for guidance to make a difference.
he could have grown his business organically without investors, when they come in with demands and you cant meet them what can he do
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.
highly recommend his podcast and the one he did with Michael Rappaport!
Once a con always a con. He will wind up in jail again just like a drunk.
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...
Agreed, the prosecuters and various media outlets used it to frame him easier.
highly agreed! its not illegal if your investment loses money
He admits he lied in the first sentence of the video? The definition of fraud.
@@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.
I agreed, it's seems like he made a lot of mistakes which is common when having a business.
Had he gotten someone knowledgeable to organize the paperwork & investments none of this would have been illegal.
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.
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.
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.
But then wouldnt have been as profitable once more hands enter the pot.
Lieing to investors has 0 to do with paperwork...
His smirk gives it away, he still thinks he’s the smartest guy in the room. Loves the attention.
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
@@tammermashni8541 I'm also very intelligent, thats why I tell people in TH-cam comments that I'm intelligent
@Grichka Bogdanoff Ur cringe
@@tammermashni8541 «dumb it down» - is that what the smart people say nowadays?🤔🧐
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.
So this all breaks down to Wiz's fault?
🤣🤣
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
this would have never happened if they just got him some Kush & OJ in the green room smh
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 😂
🤣🤣🤣🤣 correct
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.
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.
@@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.
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.
@@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 😂🙏
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.
Honestly anyone willing to invest in a literal teenager who is running a sketchy club business deserves to lose all the money they invested 😂😭
😅🤣
Yeah but to be fair they were his friends and family so most people automatically trust their family members.
fr 😹 no victim blaming but do ur research when it comes to making investments
I agree, that was definitely a HIGH RISK INVESTMENT
And you speak exactly like a con. Keep making excuses for lack of morals.
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
"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.
What do you mean by fill the bucket of costs?
@@annemcmillen5447 Revenues - Costs = Profits
@@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?
@@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
@@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.
I like how he narrated the whole thing smiling
You want him to still be in tears years after the events transpired???
He’s still smug as hell
This guy is a prime example of entitlement and lack of accountability.
Cause he got more stashed somewhere😂
He only served 8 months. wouldn’t you?
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.
Right? Where were his parents or the people "investing" in a 17year old's investment idea. lol.
A24? naw
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...
i think it’s hard for regular people to truly grasp how much money a lot of people have, and that 100k is nothing.
Well, I guess one good thing out all of this is he didn't pick up a cocaine habit. Way to go Ian.
But how do we know he didn’t pick up a cocaine habit?
How do u know he didnt?
It's not too late!
@@thepdw 🤣🤣🤣
At least they didn’t tell us he did haha
Thanks for having me on!
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😫
So true and its very common for artists to do that
rockstar life
I'm not a rockstar but I've certainly left an upper decker or 2 for someone to clean up
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.
They are ARTISTS what do you expect ?
Sad thing with people like this is that with better decisions and influences… they probably could have been successful and more importantly, legitimate.
He may build something successful someday. He has an itch for it.
Man....he even said that from first show was a bust. 80k debt.... wtf succesfull guy would do something like that?
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.
I'll believe any party advice from someone named Jen & Juice. 👍🏾
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
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.
@@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.
@@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.
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.
Amazing doc on Netflix!
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.
He's ceo of a new company. Stay mad , poor people are funny
@@disnut5557 please tell me that your not poor calling somebody else poor
@@Jesusismysavior92 yes im calling this salty person poor because they are poor. Problem?
@Scotty secretly loves Chryslers Quite financially successful but thank you for the concerns peasant
@@disnut5557 you must be poor? You can’t call somebody else poor if your poor
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.
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.
Taji should’ve done the interview
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.
And there's some mf around my area getting clapped for the nikes on their feet lmao.
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
I was an opening DJ booked here once and met Ian. Crazy we had no idea any of this was happening at the time!
The world of event organizers is way different than the world performers and event attendees are aware of.
Why you lying
@@MrMidnightTales0 he's not i was there as well
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!
Agreed!
He's glad to be alive tho!
@@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.
*you're
To be fair a decent amount of those returns we’re probably from family and friends
This kid was lucky the shady investors didn't end him. When it comes to money these people don't give a shite.
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.
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.
Shite
@@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!
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.
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 🤦♀️
Well....he very well could of been laundering money for the businesses loaning him the money
@@annemcmillen5447 Yeah, he said they were moving straight cash in, cash out at that point. Definitely keeping two sets of books.
This kids body does not match his face....freaking strange.
Prison bod
U mean his voice don't match
@@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.
I also wasn't expecting that voice.... just imagining him in prison with that "gee golly" voice
It's called steroids lol
I used to see this kid in high school always had a suit on and walked around with a briefcase lmao
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.
Yea you can't rationalize fraud and a ponzi scheme. Of course he deserves the consequences, and so do the investors.
@@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.
@@mikerphone. No kidding good way to put it.
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.
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
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
Exactly. There are unfinished Kickstarter funding that have gotten more money and went quite after getting the money.
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.
@@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
Went from a regular business to a scammer real quick!😂
One of those dobisnisses
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.
they both must be planning a new ponzi scheme
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
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.
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.
@@kittym96 and the best part is how he writes it off that he was young... SMFH
@@jingbot1071 well put
Vice is always on the wrong side. Par for the course here.
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
I remember going to HYPERGLOW there , good times man
He was still living with his mom while doing this?? Wow
Smart choice considering how everything ended up
Still needed someone to do his laundry and the money was all tied up. What a loser.
@@lsdiesel8025 don't be mad that you couldn't hustle like this kid
@@Nah08 I made almost a mil last year without having to defraud anyone. Keep trying.
@@lsdiesel8025 and I have own SpaceX
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
I was wondering that the entire time - either had to be flowing with money or felt a little sorry for him
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
Well to be fair all the legitimate entertainers and promoters who wind up being famous and rich start as teenagers or young college students.
He was never a dummy.
He knew what he was doing.
Still knows what he's doing.
Lol.
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
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.
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.
@@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.🙄
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
His parents, friends, family, and family friends gave him money....invested money
They probably were just as dorky as him. That's why he had no guidance.
Who was the group of people giving 18 year old kids all the money? lol
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.
Yea, a lot of bad decisions by Ian, could have done with some guidance.
he wanted gucci and to look cool more than he wanted to succeed, dont think he wouldve listened to any advice given to him
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.
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
He seemed to be too arrogant to council
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.
It's kind of off-putting how he's smiling about this the entire time.
Because he’s still the smug little bastard that defrauded these people and will absolutely do it again
Because he got money
Oh, I forgot. We all know better than everyone else.
3 years and you take 500k I’d sit too. Plus I’m sure he has money saved up somewhere
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
As someone who used to be in the rave throwing business, it’s NOT an easy way to make money!
this guy had an episode on "generation hustle" if you guys want to see a longer version with more details. pretty crazy stuff
"I was bullied"
So that's your excuse for becoming a bully?
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
"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."
Ahaha I was thinking the same thing, but maybe he was saying like after expenses they raised $2,500. Who knows though lol.
half million in debt : 3 years in federal prison
Half a billion : titan of industry
bingo
Dude spent $100k and thinks he’s a celebrity😂😂
He didn’t realize celebrities get that stuff for free.
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.
Its a horribly unsustainable business anyway.
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.
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.
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.
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
His retelling of the story obviously shows he knew what he was doing was bad....
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
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.
Ignorance of the law is not an excuse any time no matter what.
“I was convicted with defrauding investors of over half a million dollars” said with a smile… SAVAGE 🤣
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.
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!
This 💯 my exact thought! He doesn't feel any remorse at all.
99.09% of Americans.
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.
Could have bumped up admission, offer cheap glow accessories, started a raffle of some sort
*spongebob voice* write that down!
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"
Dude shows no remorse and seems to bask in his ripping off of people
😂 he didn’t rip those dumb fcks off
Loving how the soundtrack within this clip is similar to what’s in Uncut Gems
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
And there are many who defrauded people for literally billions and never went to jail.
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..
@@CKpremium1992 absolutely
I wonder how much federal time he would get, had he been black?🤔
@@kesyj13 probably a lot longer.
I'm from CT... i remember hearing radio commercials for these Tuxedo Junction parties.
🤣🤣🤣 Gotta luv America. Lil kid scammed people for $500k. Land of opportunities.
Perfect dad for his 5 kids I’m assuming he has (they’re with their baby mamas).
@@Existential_Dread dam this scum bag is living it up.
Can happen anywhere don't act like bad investors don't exist anywhere and investing into yourself is not scamming it is trying to succed he just had poor money management and should hired a financial advisor or manager with more experince.
@@fredeatstheworld308 Agreed, but its more of a joke poking fun at the situation, lighten up don't be a sauerkraut.
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.
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!
Imagine if this dude put that $100K into BTC and then just went to prison and came out a billionaire
They would’ve snatched that money right back. It wasn’t his to invest, he was in debt 😂
@@kittym96 Try to snatch someone's wallet you don't know anything about or how to access it
@@samred329 exactly. and if he did buy btc, he'd be smart to never talk about it
Damn, inventing a Ponzi scheme to invest all the scammed money into a Ponzi scheme
@@samred329 ok
0:56 what did he say? It sounds like when he said "defrauding" that was edited in and it doesn't look like it's what he said from his mouth movements
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…
That’s no excuse to steal? He greedy to and he stole millions from these people to fund his life style
@@Jesusismysavior92 who is dis little man?
@@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
@@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?
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.
Literally no one got defrauded, they made a bad investment.
Who let's an 18 year old run a business like that ???? WHO WOUKD GIVE AN 18 YEAR OLD WITH NO EXPERIENCE TENS OF THOUSANDS OF DOLLARS. That's right you've guessed it .......Americans. 🤣🤣🤣 another great success story from the American dream
An underdog white guy, america's favourite person.
@@yurichtube1162 America is hillarious its by far the most delusional country on the planet.
Why would Americans give him pounds?
@@abitrubbish changed it cheers. Dollars is monopoly money.
@@superbaked238 North Korea or China can take that title lol
What's the music right at the end, when it says "WATCH MORE" in different languages?
Getting bullied as a kid doesn't give you license to become a thief.
Maybe but it does distort your perspective of what is right. Again bullying shouldn't exist.
Ok but when does Project Tuxedo Junction come out with Christopher Mintz-Plasse and Jonah Hill?
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.
This is going to look fantastic on his résumé when he starts applying for jobs in the finance sector.
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.
Ending music?
When is a video about "I commit tax fraud at 19 years old" coming out?
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
this dude looks artificially big like he body swapped a from a scrawny nerd to pro builder lol
If he was a different skin color , the energy would’ve been different in the comments … this guy robbed and played with peoples lives … double standards ffs
he should've just consolidate all his debt and from there, keep doing the same thing! Except blowing money on junk to look cool!
He was losing money at every show, so seemingly wouldn't have mattered.
@@ilaser4064 no interest and by doing that, he would pay only 1 paiement making way easier to budget for his shows!
Def drove 6 hours one way to see a show there! Was guest listed. And never remembered the name of the venue, just that it was in Danbury, CT and I was thinking how close I was to NY
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?!
😂 Yeah you’re right!! THE HECK ARE HIS PARENTS DOING?! GIVE HIM SOME ADVICE PLEASE!
@@playsomething4029 I mean, his parents are so proud of him ahahahaha 🤣🤣😂🤣🤣😂 spent money like a puring water on the floor.
wow! i remember going to tuxedo junction!! crazy!
Sounds like he is a really good promoter... Should be on someones payroll but not be the one in charge of the money or major decisions.
He made his bed, now he’s laying in it.
Correct
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.
No.
I used to work for an audio company that worked with him too AEI.
"They were young" talking about yourself in the third person is a sign of distancing one's self from what they have done
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.
My boy got in shape in prison didn't he ? 😂
ME TOO NOW I'M ON THE RUN, BECAUSE THE SYSTEM FUCKS ME UP
How come, brother?
lies
Doesn’t really seem like an accountable man. Still seems like he’s cocky. You can’t blame it on your age. You defrauded investors, and ran a Ponzi scheme. Own it.
Damn. There was a similar situation with some of my friends. We gathered a bunch of cash, bought as much ecstasy in Toronto as possible, and brought it into the US and would throw smaller underground raves at first. Within 2 years it went from 2500 pills or so and local DJ's in a random place to a lot more drugs, big names & big venues. This was 98-2001, and the feds nailed several in the operation, and some investors lost out decent amounts of money. This video took me all the way back to then. But honestly, I'd do it all over again if I could go back in time. I know how this kid felt. His big mistake was booking the people he was in a small town, and spending money that wasnt his. You have to book acts who are realistic for your budget and area. A show will flop here and there, its the nature of the beast. Be realistic so you have capital & a loyal following, then throw a big one once in awhile. Those are the shows you lose out on usually, but it keeps people coming to your events. Obviously having 20 more years than this kid & going between 2 large cities and an international border I probably had a lot more street smarts, but eventually the feds catch up to everyone. Ya gotta quit while youre ahead sometimes.
How much was it?
@@kav2000 ?
you do know that your ecstasy killed kids right?making you a murderer try sleeping on that demon.
If you’re dumb enough to invest half a million into an 18 year old w no rep sheesh 😂
I feel like he was one adult accountant away from an actual business.
This isn't fraud, it's capitalism. The guy told investors he'd run parties and he did. He paid himself a salary from company funds, standard even for loss-making companies, and tried hard to give returns to shareholders.
Business went broke and investors lost money, it was a risk from the start hence the returns.
The only difference in how older people operate is that they set up a corporation and arrange their accounts to externalise costs and risk within the law.
Exactly, set up a corporation
I went through a very similar thing but on a lot smaller scale when i was 16yrs old. I started buying 9-bars (nine ounces) of hash from a reliable source and began selling it on a huge scale. I couldn't believe how fast i could sell it. But it was mainly because i would always give a lot more than people actually paid for. I was a dealer that every pot-head wanted to know. So as fast as i would get a stack of 9-bars it would sell even quicker. It got to the point where i would sit under a tree in a park all day with a line of people waiting to buy fat bricks of hash.
It got so big that my dealer let me start getting my bars on tick (credit) to the point i could get at least £5,000 worth of hash on tick over a 24 hour period.
I started buying fresh shoes, designer jackets, gold and even managed to get my hands on a gun, which is totally illegal in the UK. I only bought it because i could - i had no intention of every using it; in fact i only had 6 bullets which i fired into a skip the first day i got it.
After 1 full year of playing this game i was around £80,000 in debt yet everyone thought i was a genius entrepreneur.
One day 3 huge guys in a BMW pulled up outside my Mum's house (where i was still living) and said there was an emergency and they needed to be paid in full for what i owed by the end of the week otherwise there was going to be a war. I said "yeah, no worries" and they drove away.
I broke down in front of my parents and told them what i had done and my Dad laughed and said "bad luck son but we're not giving you a penny". I had to tell my parent's that if i didn't come up with the money the house would get ripped apart by dangerous people and i'd probably get stabbed up badly.
Eventually my Mum said she would remortgage the house and come up with the $80,000 but i would have to pay it back otherwise they would disown me then go to the police.
So i ended up paying my dealers on the promise that i would stop selling for them once i had payed my debt.
And that's exactly what happened.
I then spent the next 4 years working, sleeping, reading books and paying every single penny i earnt back to my parents.
That was 25 years ago and i live a quiet, simple live nowadays.
The cops pounding at 4:35 in the morning. Oh man. That gives me anxiety just thinking about it.
Billy McFarland the guy who tanked Fyre festival due to bad decision and over the top planning, that case will never be forgotten. This is the first time I'm hearing about the Danbury CT case.
Billy was this kid but in his 40s with a long history of scamming
does anyone know the outro song starting at 10:44
Brilliant video!! Thanks for sharing to warn others who would walk down the same path. With wealth, comes responsibility. 💪