Pound Ridge man sentenced to prison for $22M PonziPosted: Updated:
A Pound Ridge hedge fund manager who gambled away $22 million of his clients’ money and lived lavishly is heading to prison for eight years.
Michael Scronic, 46, of Pound Ridge, pleaded guilty to securities fraud last March. Scronic admitted to taking money from 45 investors in a Ponzi scheme.
Prosecutors say the money was not blown on bad investments, but was used by Scronic to fund a lavish lifestyle that included a 10-acre estate with a pool and tennis courts, a ski chalet in Vermont and multiple memberships to beach and country clubs.
Scronic apologized to friends and family for lying and stealing. He seemed to blame his actions on a gambling addiction and depression.
He has already been ordered to pay back the money with interest.