A Cherry Hill man was sentenced yesterday to 33 months in federal prison for operating three investment-fraud schemes, U.S. Attorney Christopher J. Christie said. Charles McCormick, 46, also was ordered to pay $139,245 in restitution.
In what Christie said resembled a pyramid scheme, McCormick told investors that he planned to sell software for a profit and needed money for a down payment on the initial software purchase. McCormick later admitted that there had been no software and that he had used the investments to pay off earlier investors. McCormick also admitted taking money in exchange for nonexistent box-seat tickets to Flyers and 76ers games, and lying to investors about a software project.
- Gene D'Alessandro