Michael Scronic— Alleged Ponzi Scheme
Michael Scronic Allegedly Executed a $19 Million Ponzi Scheme Involving 45 Investors via the Scronic Macro Fund; Scronic Allegedly Told Investors He Held Assets of Nearly $22 Million While His Brokerage Account Actually Only Held around $27,500
Michael Scronic, since April 2010, allegedly engaged in a fraudulent scheme that purportedly netted over $19 million from 45 investors, according to reports from the Southern District of New York presently being reviewed by attorneys Jason Kane and James Booker.
Investors who believe they may have lost money in activity related to Michael Scronic’s alleged Ponzi scheme are encouraged to contact attorneys Jason Kane or James Booker with any useful information or for a free, no obligation discussion about their options.
The Peiffer Wolf Carr & Kane securities lawyers are currently investigating Michael Scronic’s alleged Ponzi scheme.
While Scronic was allegedly actually running a Ponzi scheme, he allegedly claimed that said funds would be used in his Scronic Macro Fund for trading in a portfolio of financial instruments, the reports note.
Michael Scronic, 46, of Pound Ridge, New York, allegedly committed securities fraud as he made reports to investors that he held nearly $22 million of assets in his fund by the end of H1 2017, while in reality the balance in his brokerage account at this date was just under $27,500, the reports state.
Scronic, who holds degrees from Stanford University and the University of Chicago, allegedly committed mail and wire fraud by purportedly producing misleading statements to investors regarding the fund’s performance, according to U.S. prosecutors.
Michael Scronic Allegedly Diverted Millions of Dollars of Investors’ Money and for Personal Expenses Including Mortgage Payments and Beach and Country Club Memberships
Michael Scronic, who worked as an equity trader at Morgan Stanley for 7 years, allegedly diverted millions of dollars of investors’ money for personal expenses including mortgage payments and beach and country club memberships, according to an SEC statement presently under review by attorneys Jason Kane and James Booker.
Scronic allegedly lured investors by claiming he has an impressive track record and that his investments were very liquid, and that cash redemptions could purportedly be met within two business days, according to court papers, according to the aforementioned reports.
Scronic will soon appear before U.S. Magistrate Judge Lisa Margaret Smith in White Plains federal court, and faces one count of securities fraud and one count of wire fraud with a maximum sentence of 20 years in prison, authorities have stated.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael Scronic’s alleged Ponzi scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Michael Scronic’s alleged Ponzi scheme may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or James Booker, for a free no-obligation evaluation of their recovery options, at (585) 310-5140 or via e-mail at email@example.com or firstname.lastname@example.org.