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New York Man With Fictitious Fund Admits Ripping Off Friends

  • Michael Scronic took in $24.5 million, lost almost all of it
  • Scronic faces federal prison after pleading guilty to fraud
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A Pound Ridge man who claimed to be a hedge fund manager admitted to ripping off friends, family and acquaintances, many of whom live in the area of his wealthy New York suburb, with risky options trades and using their money to cover his expenses.

Michael Scronic pleaded guilty to securities fraud Thursday. U.S. prosecutors said Scronic, who graduated from John Jay High School in nearby Cross River and spent most of his life in the area, defrauded at least 45 people, possibly even his mother.