Thursday, October 5, 2017

N.Y. Hedge Fund Manager Charged in $19 Million Ponzi Scheme

 
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.

Click here for summary. 

Source: Bloomberg (via The Empire Report) 

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