Ex-Facebook CFO's Lost Loan Fueled Suburban Ponzi Plotter's Scam
- Gideon Yu provided loan to Michael Scronic’s phony hedge fund
- Friends can’t reconcile their close friend with brazen thief
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From the day Michael Scronic was arrested in a well-to-do New York City suburb for scamming friends and family out of $22 million, it’s been a mystery why he’d betray them like that.
Prosecutors this month offered one reason: Scronic was too ashamed to admit his failure as a trader to Gideon Yu, a longtime friend from Stanford University who went on to become the chief financial officer of YouTube and Facebook Inc. and is now a part owner of the San Francisco 49ers.