Bala Cynwyd Man Sentenced to Eight Years in $6 Million Ponzi Scheme
|U.S. Attorney’s Office February 10, 2012|
PHILADELPHIA—Ira J. Pressman, 64, of Bala Cynwyd, was sentenced today to 97 months in prison for a Ponzi scheme that defrauded 20 investors out of more than $6 million. Pressman pleaded guilty July 22, 2011 to wire fraud, mail fraud, and money laundering. 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. Instead, Pressman used new investors’ money to pay returns to the old investors.
In addition to the prison term, U.S. District Court Judge Jan E. DuBois ordered Pressman to pay restitution in the amount of $7,072,158.
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 was prosecuted by Assistant United States Attorney Louis D. Lappen.