Convicted Indianapolis Money Manager Has No Ability To Repay | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 12.05.16

Airborne 12.06.16

Airborne 12.07.16

Airborne 12.08.16

Airborne 12.09.16

Airborne Hi-Def On YouTube

Airborne 12.05.16

Airborne 12.06.16

Airborne 12.07.16

Airborne 12.08.16

Airborne 12.09.16

Wed, Oct 27, 2010

Convicted Indianapolis Money Manager Has No Ability To Repay

Marcus Schrenker Attempted To Fake His Own Death By Bailing Out Of His Airplane

The former Indianapolis, IN money manager who parachuted out of his airplane in an attempt to fake his own death and escape the wrath of investors who lost millions has no ability to repay his victims, a court-appointed receiver says.

Proceeds from the sale of assets owned by Marcus Schenker, including his house, cars, and an acrobatic airplane, only totaled about $556,000, according to Fox News. Schrenker's dealings left him owing nearly $4 million to investors, and $9 million to other creditors. They stand to get back only pennies on the dollar.

The $1 million Schrenker claimed to have in offshore accounts could not be substantiated. The report from the court-appointed receiver said finding that money would likely cost more than that amount.

So at the end of the day, after taxes, only about $276,000 is left to satisfy the people Schrenker bilked out of their money.

Schrenker has been sentenced a 10 year prison term for securities fraud, and is currently serving a 4 year sentence from his conviction on federal charges following his plane crash. A hearing on the receiver's report, which must be approved by a judge, is set for Dec. 3.

FMI: www.indy.gov/eGov/Courts/Superior/Pages/Home.aspx

Advertisement

More News

Airborne 12.09.16: GodSpeed John Glenn, Electric-Flight Record, FAA Oversight?

Also: Gone West: Aleta Jackson DeLong, Barnstorming: Breakfast With A Hero, Pearl Harbor, WWII Vets, NATA at KVNY, Flightstar, UK Airport Threat John Glenn has headed west. At 95 y>[...]

Airborne 12.08.16: Trump v AF1, Gordon Bennett Cup '17, Skydiving At Casa Grande

Also: Intoxicated Pilot, Seaplane Pilots, AEA/EASA, Drones As Lifesavers, ISS Update, T-50A Flight Ops, Safran President-elect, Donald Trump set the world of aviation and the media>[...]

Airborne 12.09.16: GodSpeed John Glenn, Electric-Flight Record, FAA Oversight?

Also: Gone West: Aleta Jackson DeLong, Barnstorming: Breakfast With A Hero, Pearl Harbor, WWII Vets, NATA at KVNY, Flightstar, UK Airport Threat John Glenn has headed west. At 95 y>[...]

ANN's Daily Aero-Linx (12.10.16)

Aerofiles Aviation Timeline, Chronology Something that's always noted in news reports is "firsts". Being the first to do anything is usually newsworthy, and aviation is, of course,>[...]

ANN's Daily Aero-Term (12.10.16): Compass Locator

A low power, low or medium frequency (L/MF) radio beacon installed at the site of the outer or middle marker of an instrument landing system (ILS).>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC