A Bala Cynwyd man who authorities say scammed investors out of millions of dollars using a Ponzi scheme will serve more than eight years in prison.
Ira J. Pressman, 64, pleaded guilty in July to fraud and money-laundering charges. He was sentenced Friday in federal court to 97 months behind bars.
Pressman had run a company since 2006 that purported to buy and sell closeout and overstock merchandise. He promised annual returns of up to 100 percent, but most of the deals were fictitious, prosecutors said. Pressman used new investors' money to pay returns to old investors, prosecutors said.