Ira J. Pressman was charged today by information in connection with a Ponzi scheme that defrauded 20 investors out of more than $6 million, announced United States Attorney Zane David Memeger. The charges include one count each of wire fraud, mail fraud, and money laundering. The information alleges that 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. Unbeknownst to the investors, however, most of these closeout merchandise deals were fictitious. Pressman instead used new investor’s money to pay returns to the old investors.
If convicted of all charges, the defendant faces a maximum possible sentence of 60 years in prison, a fine of $1 million, three years of supervised release, and a $300 special assessment.
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This is very sad. He has a wife, children and a rather extensive support group all of whom he betrayed. A talented guy gone astray. Very very sad.
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