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

Most Recent Daily Airborne

Airborne On ANN

Airborne On YouTube/Hi-Def/Mac Friendly

Monday

Airborne 01.26.15

Airborne 01.26.15

Tuesday

Airborne 01.27.15

Airborne 01.27.15

Wednesday

Airborne 01.28.15

Airborne 01.28.15

Thursday

Airborne 01.29.15

Airborne 01.29.15

Friday

Airborne 01.23.15

Airborne 01.23.15

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

Klyde Morris 01.30.15

Never Feel Guilty About That Which You Cannot Change, Klyde FMI: www.klydemorris.com>[...]

Airborne 01.29.15: Meridian Upgraded, Solar Impulse Readies, Pipistrel's Wattsup

Also: Allegiant Strike?, API Partner Profile--AEA, VP-26's Last Orion, Orbital Merger, FAA Penalizes, Airbus Helis Piper Aircraft has introduced its newest top-of-the-line M-Class >[...]

Airborne 01.28.15: AMA Steps Up, AirAsia Stall Warnings, Obama Wants Carbon Cuts

Also: Ridiculous Arkansas Regs Proposed, Tecnam Juggernaut, New EC135 T2+ Training Helo, NBAA Joins 'Know Before You Fly', Wipaire Grand Opening, AirVenture SkyDive Record As the m>[...]

Airborne 01.29.15: Meridian Upgraded, Solar Impulse Readies, Pipistrel's Wattsup

Also: Allegiant Strike?, API Partner Profile--AEA, VP-26's Last Orion, Orbital Merger, FAA Penalizes, Airbus Helis Piper Aircraft has introduced its newest top-of-the-line M-Class >[...]

ANN's Daily Aero-Linx (01.30.15)

C133 Cargomaster Project It seems as if there's a website out there for almost any type of airplane that's ever flown, and while roaming around the Internet, we came across this on>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2015 Web Development & Design by Pauli Systems, LC