Wed, Oct 27, 2010
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
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.
Also: Air Show Industry Honors 3, Night OSH Airshow, 'New' Wright Flyer, NTSB Unhappy With UPS/Union, Sleepy Chinese Controllers Pipistrel has flown its two-place electric trainer >[...]
AD NUMBER: 2014-16-26 PRODUCT: Certain Dassault Aviation Model Falcon 900EX airplanes.>[...]
AD NUMBER: 2014-16-28 PRODUCT: Certain Empresa Brasileira de Aeronautica S.A. (Embraer) Model EMB-135BJ airplanes.>[...]
The OX Aviation Pioneers Club The club focuses on the era of the Curtiss OX5 engine and the early aviators.>[...]
A great-circle track is the shortest distance between two points on a sphere, and when viewed on a 2-dimensional map the track will appear curved.>[...]