A Cherry Hill man was sentenced to 33 months in federal prison today for operating a trio of investment fraud schemes, U.S. Attorney Christopher J. Christie said. U.S. District Judge Robert B. Kugler also ordered Charles McCormick, 46, to pay $139,245 in restitution, which represents the loss to the victims.
In what resembled a "pyramid scheme," McCormick told investors that he planned to sell software to a third party for a profit, and that he needed money for a down payment on the initial software purchase, Christie said. McCormick later admitted that there was no software and that he was using the investments to pay off earlier investors.
McCormick also admitted taking money in exchange for box seat tickets to Philadelphia Flyers and 76ers games - tickets that did not exist, and lying to investors about a software project.