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Authorities arrest Pound Ridge man in $19M Ponzi schemePosted: Updated:
Pound Ridge resident Michael Scronic, 46, was arrested Thursday morning at his home for allegedly running a $19 million Ponzi scheme through a hedge fund called Scronic Macro Fund.
Scronic allegedly told investors the fund had positive returns far exceeding its actual assets, and allegedly used investor money for personal expenses like mortgage payments on a vacation home and memberships to elite country clubs.
Scronic is accused of scamming 45 investors, some of whom were friends and acquaintances, dating back to 2010.
He was released on $500,000 bond, co-signed by his wife after facing charges of securities and wire fraud.
He was arrested earlier in the day, and allegedly told federal agents he wanted to call his investors, adding he could get the money back by trading.
Conditions of Scronic's release prohibit him from contacting investors, soliciting new money and trading.
Scronic is due back in court on Nov. 1.