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"The nature and circumstances of this offense are quite shocking," assistant federal prosecutors James McMahon and Shiva H. Logarajah argued in a sentencing memorandum.
“My life as a lawyer and a counselor, which I cherished and worked so hard to maintain for over 47 years, is now gone,” he had told U.S. District Judge Kenneth M. Karas.
“The defendant was literally the only person who knew the truth about CNR’s financial condition,” prosecutors state in a sentencing memorandum. “He was the only person who could have initiated a successful effort to save the college."
Federal prosecutors wanted the court to imprison Scronic to twelve-and-a-half years for a $22 million Ponzi scheme. His attorney argued for no more than three years.