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 08.27.14 ** HD iPad-Friendly -- Airborne 08.27.14 **
** Airborne 08.25.14 ** HD iPad-Friendly -- Airborne 08.25.14 **
** Airborne 08.22.14 ** HD iPad-Friendly -- Airborne 08.22.14 **

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 08.27.14: WATTsUp Flies!, ForeFlight Update, New Goodyear Blimp Debuts

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: Dassault Aviation Airplanes

AD NUMBER: 2014-16-26 PRODUCT: Certain Dassault Aviation Model Falcon 900EX airplanes.>[...]

AD: Empresa Brasileira de Aeronautica S.A. (Embraer)

AD NUMBER: 2014-16-28 PRODUCT: Certain Empresa Brasileira de Aeronautica S.A. (Embraer) Model EMB-135BJ airplanes.>[...]

ANN's Daily Aero-Linx (08.28.14)

The OX Aviation Pioneers Club The club focuses on the era of the Curtiss OX5 engine and the early aviators.>[...]

ANN's Daily Aero-Term (08.28.14): Great Circle Track

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.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC