Ira Pressman Sentenced to 8 Years in Prison for Ponzi Scheme

After Bala Cynwyd resident Ira Pressman told a federal judge Friday afternoon how sorry he was for stealing about $7 million from 23 people through a so-called Ponzi scheme, he learned his fate: eight years and one month in prison, a duration at the high end of the federal sentencing guideline for his crimes.

Pressman's sentence, if served in full, would keep him in prison into 2019. He has been imprisoned since ; he in July, admitting he had used payments from some investors to pay off others.

During the four-hour hearing in front of U.S. District Judge Jan E. DuBois, victims testified they knew Pressman through Alcoholics Anonymous meetings, where he was well-regarded as a sponsor. The facts and circumstances of their lost investments, however, changed their minds about his true character, and they recommended extended prison time.

"It seems to me that Ira really is a nice person and I like him, and I actually don't feel good about testifying against him in this manner," said one witness, who said he lost $128,000 to Pressman. "But on the other hand, he preyed on vulnerable people. At the end of the day, I just think he's a career criminal."

Pressman, 65, stood at a lectern for several minutes to address DuBois.

"I accept responsibility for lying, for cheating. I did things that were wrong and terrible. I stole money from people, I was deceitful," he said. "To my core, Judge, I am so very sad about the damage I caused."

Attorney Louis D. Lappen with the U.S. Attorney's Office asked DuBois to impose a 10-year sentence. Pressman's attorney, John I. McMahon Jr., asked for something less than the sentencing guideline of 78 to 97 months for someone charged with Pressman's crimes, which included wire fraud, mail fraud and money laundering.

Look for a full analysis of the Pressman case on Monday at Narberth-Bala Cynwyd Patch.