{"id":4793,"date":"2017-10-06T19:56:47","date_gmt":"2017-10-07T00:56:47","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4626"},"modified":"2017-10-06T19:56:47","modified_gmt":"2017-10-07T00:56:47","slug":"ny-investment-adviser-charged-19m-ponzi-scam","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ny-investment-adviser-charged-19m-ponzi-scam\/","title":{"rendered":"NY Investment Adviser Charged in $19M Ponzi Scam"},"content":{"rendered":"

\t\t\t\tThe US Securities and Exchange Commission has filed civil charges against Michael Scronic, a New York-based investment adviser accused of defrauding retail investors in a $19M Ponzi scam<\/a>. According to the regulator, beginning in 2010, Scronic raised funds from 42 friends and acquaintances for a \u201crisky options trading strategy\u201d involving the Scronic Macro Fund, a fictitious hedge fund in which he was supposedly selling shares. Many of the investors he approached were from the community where he lives. Their investments ranged from $23K to $2.4M.<\/p>\n

The SEC contends that Scronic lied to them about his investing track record, claiming he had a long history of proven returns while touting that the investments he was selling were liquid and easily redeemable. In reality, claims the Commission, the investors\u2019 money was draining away because of massive trading losses. <\/p>\n

Scronic is accused of not segregating the funds according to investor and transferring their money into his personal brokerage account. His investment agreements with investors stipulated that their funds would be placed in a hedge fund, in which he would serve as acting investment adviser, and he would send them quarterly reports. Scronic also noted in these agreements that he had a fiduciary obligation to investors and would comply with all state and federal laws.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission has filed civil charges against Michael Scronic, a New York-based investment adviser accused of defrauding retail investors in a $19M Ponzi scam. According to the regulator, beginning in 2010, Scronic raised funds from 42 friends and acquaintances for a \u201crisky options trading strategy\u201d involving the Scronic Macro Fund, a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3760,3741],"tags":[],"class_list":["post-4793","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement","category-securities-fraud"],"yoast_head":"\nNY Investment Adviser Charged in $19M Ponzi Scam — Investor Lawyers Blog — October 6, 2017<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission has filed civil charges against Michael Scronic, a New York-based investment adviser accused of defrauding — October 6, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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