{"id":6242,"date":"2018-04-25T20:17:05","date_gmt":"2018-04-26T01:17:05","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6242"},"modified":"2024-03-28T13:10:10","modified_gmt":"2024-03-28T18:10:10","slug":"22m-michael-scronic-ponzi-shcheme","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/","title":{"rendered":"$22M HEDGE FUND FRAUD LEADS TO SEC BAN FOR MONEY MANAGER"},"content":{"rendered":"<br \/>\n<h2>Michael Scronic Pleads Guilty in Ponzi Scheme<\/h2>\n<h6>Michael Scronic, who touted himself as the hedge fund manager of the unregistered Scronic Macro Fund, has agreed to a US Securities and Exchange Commission ban permanently blocking him from buying or selling securities. In a parallel criminal case, Scronic pleaded guilty to <a href=\"https:\/\/www.investorlawyers.com\">securities fraud<\/a> that involved 45 victims in his over $22M hedge fund fraud. His victims who suffered significant investment fraud losses included acquaintances, relatives, and friends. According to Bloomberg, investors gave him amounts ranging from $23K to $2.4M to invest.<\/h6>\n<p>Prosecutors contend that Scronic lied about his investment fund\u2019s performance, touting returns of up to 13% when, in reality, the fund suffered millions of dollars in losses. About $500K, also from investors, was used to fund his own expenses, including a $12K\/month New York rental, mortgage payments on a Vermont vacation home, country club and beach club membership fees, and about $15K\/month in credit card expenses. The investment scam went on from 2012 through June 2017.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/\"  title=\"Continue Reading $22M HEDGE FUND FRAUD LEADS TO SEC BAN FOR MONEY MANAGER\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Michael Scronic Pleads Guilty in Ponzi Scheme Michael Scronic, who touted himself as the hedge fund manager of the unregistered Scronic Macro Fund, has agreed to a US Securities and Exchange Commission ban permanently blocking him from buying or selling securities. In a parallel criminal case, Scronic pleaded guilty to securities fraud that involved 45 [&hellip;]<\/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":[4087,3792,3801],"tags":[3044,3045,3043],"class_list":["post-6242","post","type-post","status-publish","format-standard","hentry","category-michael-scronic","category-ponzi-scams","category-sec","tag-investment-fraud","tag-michael-scronic","tag-ponzi-scheme"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Michael Scronic Ponzi Scheme - $22M Hedge Fund Fraud | SSEK Law Firm Blog<\/title>\n<meta name=\"description\" content=\"Michael Scronic pleads guilty in a ponzi scheme that resulted in federal charges for the money manager. Learn more about the investment fraud losses that his friends and relatives suffered.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Michael Scronic Ponzi Scheme - $22M Hedge Fund Fraud | SSEK Law Firm Blog\" \/>\n<meta name=\"twitter:description\" content=\"Michael Scronic pleads guilty in a ponzi scheme that resulted in federal charges for the money manager. Learn more about the investment fraud losses that his friends and relatives suffered.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Michael Scronic Ponzi Scheme - $22M Hedge Fund Fraud | SSEK Law Firm Blog","description":"Michael Scronic pleads guilty in a ponzi scheme that resulted in federal charges for the money manager. Learn more about the investment fraud losses that his friends and relatives suffered.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/","twitter_card":"summary_large_image","twitter_title":"Michael Scronic Ponzi Scheme - $22M Hedge Fund Fraud | SSEK Law Firm Blog","twitter_description":"Michael Scronic pleads guilty in a ponzi scheme that resulted in federal charges for the money manager. Learn more about the investment fraud losses that his friends and relatives suffered.","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"$22M HEDGE FUND FRAUD LEADS TO SEC BAN FOR MONEY MANAGER","datePublished":"2018-04-26T01:17:05+00:00","dateModified":"2024-03-28T18:10:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/"},"wordCount":434,"keywords":["investment fraud","Michael Scronic","Ponzi Scheme"],"articleSection":["Michael Scronic","Ponzi Scams","SEC"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/","url":"https:\/\/www.investorlawyers.com\/blog\/22m-michael-scronic-ponzi-shcheme\/","name":"Michael Scronic Ponzi Scheme - $22M Hedge Fund Fraud | SSEK Law Firm Blog","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2018-04-26T01:17:05+00:00","dateModified":"2024-03-28T18:10:10+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Michael Scronic pleads guilty in a ponzi scheme that resulted in federal charges for the money manager. 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