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Main Line Businessman Arrested In $5 Million Ponzi Scheme

BALA CYNWYD, Pa. (CBS) — Only CBS 3 cameras were there as a Main Line businessman was taken away to prison in handcuffs charged with defrauding investors out of more than $5 million dollars.

Ira Pressman who lives in Bala Cynwyd, Lower Merion Township, is accused of swindling eight friends and associates in what prosecutors call a “classic Ponzi scheme.” It’s alleged the suspect, whose business was headquartered in Bryn Mawr, took money from one investor giving it to another; duping them into thinking they were making a profit from the scheme.

According to an arrest warrant, several investors, including one 70-year-old man, put hundreds of thousands into the investment scheme, and one victim invested more than $1 million.

Pressman’s attorney says his client came forward and alerted police to the scheme. The attorney says Pressman, who went to prison in 1993 for fraudulently obtaining more than $200,000 in loans from several banks, regrets his actions and has already made nearly $2 million in restitution.

Following his surrender, Pressman was held in $1 million bail and is now being housed in Montgomery County Prison.

Reported by Walt Hunter, CBS 3

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  • Caley Lee

    If you are smart enough to make extra
    money to have enought to invest, why would you give it to an ex con?
    If the investors took time to google his name they would of already seen he’s been to jail for the exact same crime.

  • Burned up

    But wait, dear . . . the check is in the mail . . . I don’t think so

  • Guess Who

    Such a deal!!

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