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Bala Cynwyd Ponzi Schemer Sentenced To Eight Years

(Ira Pressman.  Photo provided by Montgomery County DA's office)

(Ira Pressman. Photo provided by Montgomery County DA’s office)

Hanson_Tony--NEW Tony Hanson
Tony Hanson has spent his entire illustrious career at KYW Newsradio,...
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By Tony Hanson

BALA CYNWYD, Pa. (CBS) – A 64-year-old Bala Cynwyd man has been sentenced to eight years in prison for a Ponzi scheme that cost just over 20 victims over $7 million.

Ira Pressman, who blamed an addictive personality, targeted friends, business associates, and fellow members of a 12 step addiction program.

“He took them under his wing and then cheated them out of hundreds of thousands, and in some cases, over a million dollars,” says Prosecutor Louis Lappen.

And victims says he was very good—a man of dark distinction.

“People called him the Michael Jordan of scammers; they called him the mini-Bernie Madoff. He really stepped in a very cunning and calculating way and did tremendous damage to the victims’ lives.”

Pressman’s victims were devastated, emotionally and financially; some lost life savings. One woman says she has enough money left for just two months.