Bala Cynwyd Resident Ira Pressman Pleads Guilty to 'Ponzi Scheme'

Bala Cynwyd resident Ira Pressman pleaded guilty Friday in federal court to cheating 20 investors out of $6 million in a "Ponzi scheme", U.S. Attorney Zane David Memeger said.

Montgomery County authorities arrested the 64-year-old from the unit block of East Levering Mill Road in March. Memeger said he solicited investments after starting the PJI Distribution Corporation in 2006, which purported to trade overstock merchandise.

Pressman persuaded people to invest in transactions that did not exist, using their money to pay previous investors, Memeger said.

Montgomery County District Attorney Risa Vetri Ferman said in March that Pressman had not been properly licensed to solicit investments.

Pressman pleaded guilty to wire fraud, mail fraud and money laundering and is scheduled for sentencing Nov. 9.