By Bob Van Voris
A New York state man was charged with defrauding investors of $19 million in a Ponzi scheme disguised as a hedge fund.
Michael
Scronic, 46, of Pound Ridge was arrested Thursday and accused of
cheating at least 45 friends and acquaintances who put money in his
phony Scronic Macro Fund. Scronic used their money to pay $12,275
monthly rent on his Westchester County home, mortgage payments on a
vacation home in Stratton, Vermont, a popular ski area, and beach club
and country club fees, according to the government.
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Source: Bloomberg (via The Empire Report)
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