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Thursday, jul 2
News
Northern Westchester Hedge Fund Manager Sentenced, Ordered To Pay $22M For Ponzi Scheme
A former hedge fund manager from Northern Westchester will spend nearly a decade behind bars after defrauding 45 investors out of more than $22 million through an elaborate Ponzi scheme that allowed him to live a lavish lifestyle. Michael Scronic of Pound Ridge, the former manager of the Scronic Macro Fund has been sentenced to 96 months in prison, Geoffrey Berman, the United States Attorney for the Southern District of New York, announced on Thursday. Scronic was also sentenced to three years of supervised release and must pay $22,026,427 in restitution to his victims. Scronic, 46, admitte…
Sports
'I’ll Be Back,' Westchester Native, Ousted Radio Host Craig Carton Says In New Interview
Westchester native and WFAN sports talk personality Craig Carton vehemently denied that he was engaged in an alleged Ponzi scheme tied to a fake ticket scam during his first radio appearance nearly a year after he was charged in federal court. The 48-year-old Carton, who grew up in New Rochelle, has been charged with wire fraud, securities fraud and conspiracy for his role in the scheme, which was allegedly aimed with an eye toward clearing gambling debt. His tiral is scheduled to begin on Oct. 29. Carton co-hosted the “Boomer and Carton” morning show for a decade alongside retired NFL quar…
Real Estate
Westchester Real Estate Developer Charged In Investment Scheme
A real estate developer is facing up to two decades behind bars for operating an alleged years-long Ponzi scheme that included properties in the Hudson Valley. Michael D’Alessio, 52, has been charged with committing wire fraud in connection to his elaborate scheme to defraud investors in luxury real estate developments in Manhattan, the Hamptons, Westchester and elsewhere. D'Alessio is the former president and CEO of real estate development firm Michael Paul Enterprises in White Plains. A career real estate developer and contractor, D’Alessio was the CEO of an investment and development fi…
News
Area Man, 49, Sentenced For $6M Ponzi Scheme
A 49-year-old Wilton man was sentenced to more than three years in prison Tuesday for using hedge-fund money for his own personal use as part of a $6 million-plus Ponzi scheme. Steven Simmons was sentenced to 37 months in prison by U.S. District Judge Kimba M. Wood. Simmons, who solicited over $6 million in investments for a hedge fund, misappropriated nearly $2 million of these funds for his own use and that of a co-conspirator, said Geoffrey Berman, the United States Attorney for the Southern District of New York. Other investor funds solicited by Simmons were used by the owner of the He…
News
Northern Westchester Hedge Fund Manager Pleads Guilty To $22M Ponzi Scheme
A former hedge fund manager from Northern Westchester pleaded guilty Thursday to defrauding 45 investors, many of them friends and neighbors, of $22 million in a Ponzi scheme. Michael Scronic of Pound Ridge, 46, pleaded guilty to one count of securities fraud, which carries a maximum sentence of 20 years in prison. He is scheduled to be sentenced by Judge Cathy Seibel on July 9. “Michael Scronic lied about the performance of his investment fund, telling investors that his returns were as high as 13 percent," U.S. Attorney for the Southern District of New York Geoffrey S. Berman said. …
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