Michael Scronic— Alleged Ponzi Scheme
Michael Scronic Allegedly Ran a $19 Million Ponzi Scheme via the Scronic Macro Fund; Scronic Allegedly Lost $15.7 Million Prior Commissions and Purportedly Lost Money in 28 out of 29 Quarters
Michael Scronic, 46, of Pound Ridge, New York, allegedly ran a $19 million Ponzi scheme involving 45 investors through his Scronic Macro Fund, according to reports from the Southern District of New York presently being reviewed by attorneys Joe Peiffer 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 Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
The Peiffer Wolf securities lawyers are currently investigating Michael Scronic’s alleged Ponzi scheme.
Scronic allegedly stole over $19 million by purportedly making false performance statements regarding his investment fund and then allegedly went on to spend much of that money on his own lavish lifestyle, including a vacation house in Stratton, Vermont, fees for his beach club and country club, and credit card charges, according to statements from Joon H. Kim, the acting United States attorney for the Southern District of New York
While Scronic was raising more than $19 million from April 2010 to the present he allegedly told investors that his fund had made money in all but one quarter from January 2012 through June 2017, according to the aforementioned reports. In reality, the authorities report, Scronic Macro Fund had allegedly lost money in 28 out of 29 quarters and the net loss was approximately $15.7 million before commissions.
When Investors Came Calling for the Balance in Scronic’s Account, There Was Less than $27,500; Michael Scronic Facing One Count of Securities Fraud and One Count of Wire Fraud with a Maximum Sentence of 20 Years
When Scronic’s investors came looking for their money Scronic allegedly told them on June 30 that his total assets amounted to almost $22 million, but in reality, the balance in his account was allegedly less than $27,500, according to New York Court Reports presently under review by attorneys Joe Peiffer and James Booker.
In one instance, one investor allegedly asked to redeem his $200,000 investment plus his purported gains, and Scronic allegedly made excuses, and the investor claims he has not received his money back, according to Court 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 said.
Securities Lawyers Investigating
The Peiffer Wolf 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, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at firstname.lastname@example.org or email@example.com.