According to United States Attorney Zane David Memeger, Ira J. Pressman, age 64, of Bala Cynwyd, pleaded guilty today to three counts in connection with a Ponzi scheme that defrauded 20 investors out of more than $6 million. Since 2006, Pressman ran a company called PJI Distribution Corporation that purported to purchase and sell closeout and overstock merchandise. Pressman solicited individuals to invest in these closeout deals, promising investors no risk returns of up to 100 percent annually. Read more in the Westmoreland Times here.
