Ira Pressman's Sentencing Set for Friday Afternoon

Bala Cynwyd resident Ira Pressman, who to cheating 20 investors out of $6 million in a "Ponzi scheme", is set to be sentenced Friday afternoon in federal court.

The 2 p.m. hearing is in front of U.S. District Court Judge Jan E. DuBois.

Pressman, 65, pleaded guilty to wire fraud, mail fraud and money laundering. Federal authorities said he persuaded people to invest in fictitious transactions for his company PJI Distribution Corporation, which purported to trade overstock merchandise.

KYW Newsradio reported some of Pressman's victims testified earlier this week in sentencing proceedings, calling for a long imprisonment.