SEC v. Ian G. Bell, No. 1:24-cv-03403, District of Colorado (Feb. 24, 2026) — Judgment

1 

IN THE UNITED STATES DISTRICT COURT 
FOR THE DISTRICT OF COLORADO 

Civil Action No. 24-cv-03403-RMR-TPO 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, 

Plaintiff, 

v. 

IAN G. BELL, 

Defendant. 

FINAL JUDGMENT AS TO DEFENDANT IAN G. BELL 

The Securities and Exchange Commission having filed a Complaint [ECF No. 1] and 

Defendant Ian G. Bell having entered a general appearance; consented to the Court’s jurisdiction 

over Defendant and the subject matter of this action; consented to entry of this Final Judgment; 

waived findings of fact and conclusions of law; and waived any right to appeal from this Final 

Judgment: 

I. 

IT IS ORDERED, ADJUDGED, AND DECREED that Defendant is permanently 

restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities 

Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated 

thereunder [17 C.F.R. § 240.10b-5, by using any means or instrumentality of interstate 

commerce, or of the mails, or of any facility of any national securities exchange, in connection 

with the purchase or sale of any security: 

(a) to employ any device, scheme, or artifice to defraud;

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(b) to make any untrue statement of a material fact, or to omit to state a material fact

necessary in order to make the statements made, in the light of the circumstances

under which they were made, not misleading; or

(c) to engage in any act, practice, or course of business which operates or would

operate as a fraud or deceit upon any person

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally 

or in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about: 

(A) any investment strategy or investment in securities,

(B) the prospects for success of any product or company,

(C) the use of investor funds,

(D) compensation to any person,

(E) Defendant’s qualifications to advise investors; or

(F) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

II. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is permanently restrained and enjoined from violating Section 17(a) of the Securities Act of 1933 

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
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(the “Securities Act”) [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any 

means or instruments of transportation or communication in interstate commerce or by use of the 

mails, directly or indirectly: 

(a) to employ any device, scheme, or artifice to defraud;

(b) to obtain money or property by means of any untrue statement of a material fact

or any omission of a material fact necessary in order to make the statements

made, in light of the circumstances under which they were made, not misleading;

or

(c) to engage in any transaction, practice, or course of business which operates or

would operate as a fraud or deceit upon the purchaser

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally 

or in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about: 

(A) any investment strategy or investment in securities,

(B) the prospects for success of any product or company,

(C) the use of investor funds,

(D) compensation to any person,

(E) Defendant’s qualifications to advise investors; or

(F) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
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officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

III. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that pursuant to Section 

21(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(5)] and Section 20(b) of the Securities Act [15 

U.S.C. § 77t(b)], Defendant is permanently restrained and enjoined from directly or indirectly, 

including, but not limited to, through any entity owned or controlled by him, participating in the 

issuance, purchase, offer, or sale of any security, provided, however, that such injunction shall 

not prevent Bell from purchasing or selling securities for his own personal account. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

IV. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is liable for disgorgement of $339,848.84, representing net profits gained as a result of the 

conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of 

$98,570.64, for a total of $438,419.48. This obligation shall be deemed satisfied by entry of the 

Order of Forfeiture for a Personal Money Judgment entered in United States v. Bell, No. 24-cr-

00345-PAB (D. Colo.). 

V. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent is 

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incorporated herein with the same force and effect as if fully set forth herein, and that Defendant 

shall comply with all of the undertakings and agreements set forth therein. 

VI. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, solely for purposes 

of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. §523, the 

allegations in the Complaint [ECF No. 1] are true and admitted by Defendant, and further, any 

debt for disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant 

under this Final Judgment or any other judgment, order, consent order, decree or settlement 

agreement entered in connection with this proceeding, is a debt for the violation by Defendant of 

the federal securities laws or any regulation or order issued under such laws, as set forth in 

Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. §523(a)(19). 

VII. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain 

jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. 

Dated this 23rd day of February, 2026. 

__________________________________________ 
REGINA M. RODRIGUEZ
UNITED STATES DISTRICT JUDGE 

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
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DarlaPearsall
RMR

1 

IN THE UNITED STATES DISTRICT COURT 
FOR THE DISTRICT OF COLORADO 

Civil Action No. 24-cv-03403-RMR-TPO 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, 

Plaintiff, 

v. 

IAN G. BELL, 

Defendant. 

FINAL JUDGMENT AS TO DEFENDANT IAN G. BELL 

The Securities and Exchange Commission having filed a Complaint [ECF No. 1] and 

Defendant Ian G. Bell having entered a general appearance; consented to the Court’s jurisdiction 

over Defendant and the subject matter of this action; consented to entry of this Final Judgment; 

waived findings of fact and conclusions of law; and waived any right to appeal from this Final 

Judgment: 

I. 

IT IS ORDERED, ADJUDGED, AND DECREED that Defendant is permanently 

restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities 

Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated 

thereunder [17 C.F.R. § 240.10b-5, by using any means or instrumentality of interstate 

commerce, or of the mails, or of any facility of any national securities exchange, in connection 

with the purchase or sale of any security: 

(a) to employ any device, scheme, or artifice to defraud;

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
pg 1 of 5



2 

(b) to make any untrue statement of a material fact, or to omit to state a material fact

necessary in order to make the statements made, in the light of the circumstances

under which they were made, not misleading; or

(c) to engage in any act, practice, or course of business which operates or would

operate as a fraud or deceit upon any person

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally 

or in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about: 

(A) any investment strategy or investment in securities,

(B) the prospects for success of any product or company,

(C) the use of investor funds,

(D) compensation to any person,

(E) Defendant’s qualifications to advise investors; or

(F) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

II. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is permanently restrained and enjoined from violating Section 17(a) of the Securities Act of 1933 

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
pg 2 of 5



3 

(the “Securities Act”) [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any 

means or instruments of transportation or communication in interstate commerce or by use of the 

mails, directly or indirectly: 

(a) to employ any device, scheme, or artifice to defraud;

(b) to obtain money or property by means of any untrue statement of a material fact

or any omission of a material fact necessary in order to make the statements

made, in light of the circumstances under which they were made, not misleading;

or

(c) to engage in any transaction, practice, or course of business which operates or

would operate as a fraud or deceit upon the purchaser

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally 

or in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about: 

(A) any investment strategy or investment in securities,

(B) the prospects for success of any product or company,

(C) the use of investor funds,

(D) compensation to any person,

(E) Defendant’s qualifications to advise investors; or

(F) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
pg 3 of 5



4 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

III. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that pursuant to Section 

21(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(5)] and Section 20(b) of the Securities Act [15 

U.S.C. § 77t(b)], Defendant is permanently restrained and enjoined from directly or indirectly, 

including, but not limited to, through any entity owned or controlled by him, participating in the 

issuance, purchase, offer, or sale of any security, provided, however, that such injunction shall 

not prevent Bell from purchasing or selling securities for his own personal account. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

IV. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is liable for disgorgement of $339,848.84, representing net profits gained as a result of the 

conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of 

$98,570.64, for a total of $438,419.48. This obligation shall be deemed satisfied by entry of the 

Order of Forfeiture for a Personal Money Judgment entered in United States v. Bell, No. 24-cr-

00345-PAB (D. Colo.). 

V. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent is 

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
pg 4 of 5



5 

incorporated herein with the same force and effect as if fully set forth herein, and that Defendant 

shall comply with all of the undertakings and agreements set forth therein. 

VI. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, solely for purposes 

of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. §523, the 

allegations in the Complaint [ECF No. 1] are true and admitted by Defendant, and further, any 

debt for disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant 

under this Final Judgment or any other judgment, order, consent order, decree or settlement 

agreement entered in connection with this proceeding, is a debt for the violation by Defendant of 

the federal securities laws or any regulation or order issued under such laws, as set forth in 

Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. §523(a)(19). 

VII. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain 

jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. 

Dated this 23rd day of February, 2026. 

__________________________________________ 
REGINA M. RODRIGUEZ
UNITED STATES DISTRICT JUDGE 

Case No. 1:24-cv-03403-RMR-TPO     Document 42     filed 02/23/26     USDC Colorado 
pg 5 of 5

DarlaPearsall
RMR