Bala Cynwyd Man Pleads Guilty to $6 Million Ponzi Scheme
| U.S. Attorney’s Office July 22, 2011 |
PHILADELPHIA—Ira J. Pressman, 64, of Bala Cynwyd, pleaded guilty today to three counts in connection with a Ponzi scheme that defrauded 20 investors out of more than $6 million, announced United States Attorney Zane David Memeger. Since 2006, Pressman ran a company called PJI Distribution Corporation that purported to purchase and sell closeout and overstock merchandise. Pressman solicited individuals to invest in these closeout deals, promising investors no risk returns of up to 100 percent annually. Unbeknownst to the investors, however, most of these closeout merchandise deals were fictitious. Pressman instead used new investor’s money to pay returns to the old investors.
Pressman was charged with and pleaded guilty to one count each of wire fraud, mail fraud, and money laundering. Sentencing is scheduled for November 9, 2011.
The case was investigated by the Federal Bureau of Investigation, the United States Postal Inspection Service, and the Montgomery County District Attorney’s Office. It is being prosecuted by Assistant United States Attorney Leo R. Tsao and Louis D. Lappen.