Bala Cynwyd man charged in alleged Ponzi scheme

Ira J. Pressman, 64, of Bala Cynwyd, was charged Friday in connection with an alleged $6 million Ponzi scheme, the U.S. Attorney's Office said.

Pressman defrauded 20 investors out of more than $6 million between June 2006 and February, U.S. Attorney Zane David Memeger said. Court papers alleged that since 2006, Pressman ran a company called PJI Distribution Corp.; the papers alleged the firm claimed it bought and sold closeout and overstock merchandise, but did not.

Pressman solicited customers to invest in the closeout deals, promising returns of up to 100 percent a year; instead, Memeger said, Pressman used new investors' money to pay returns to earlier investors, and for his own benefit. - Bonnie L. Cook