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Victims Want Long Sentence in $7M Pa. Ponzi Scheme

Bala Cynwyd businessman pleaded guilty to charges related to fraud

Wednesday, Feb 8, 2012 | Updated 5:36 AM EDT

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Victims Want Long Sentence in $7M Pa. Ponzi Scheme

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Victims of a Montgomery County businessman who admitted running a $7 million Ponzi scheme want him to spend a long time behind bars.

Ira Pressman of Bala Cynwyd, Pa. pleaded guilty in July to federal charges related to the fraud scheme he ran between June 2006 and February 2011. KYW-AM reports Pressman's victims described him Tuesday as a schmoozing con man who targeted friends, business associates and church members.

Court documents allege Pressman ran a company that purported to purchase and sell closeout and overstock merchandise. But prosecutors say most of the deals were fictitious and Pressman used new investors' money to pay returns to old investors.

Pressman's sentencing hearing is scheduled to continue Friday.