Hedge Fund News From HedgeCo.Net

New York Fund Manager Pleads Guilty to Ponzi Scheme Charges

(Reuters) A New York hedge fund manager on Thursday pleaded guilty to federal charges that he defrauded investors through a nearly $22 million Ponzi scheme. Michael Scronic, 46, entered his plea to one count of securities fraud before U.S. District Judge Catherine Seibel in White Plains, New York, federal prosecutors announced. A lawyer for Scronic, Rachel Martin, declined to comment. Prosecutors said Scronic, of Pound Ridge, New York, sent investors in his Scronic Macro Fund bogus account statements from 2010 to 2017 showing large positive returns. In fact, they said, he lost or spent all but about $27,000 of the $21.8 million he told investors the fund had.

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