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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.
U.S. District Judge Cathy Seibel has given the SEC authority to file an order for “disgorgement of ill-gotten gains.”
He was not registered as an investment adviser, the SEC says, and investors were putting money in a “fictitious hedge fund.”
The money allegedly disappeared in bad trades and on personal expenses of more than $500,000 a year.