WEST SPRINGFIELD — Ideal Financial Services is far from ideal, according to the commonwealth of Massachusetts.

Ideal and and its sister business, Ideal Financial Holdings, are accused of defrauding more than 150 people out of more than $7 million in a Ponzi scheme that’s operated since 2019, according to a statement Tuesday from the Office of the Secretary of the Commonwealth.

The office’s Securities Division filed an administrative complaint Tuesday morning against the companies and its manager, Barbara Hirshfield, on charges of violating the state’s securities act.

See Full Page